Singapore HDB resale price growth slows for second straight quarter

Prices grew by 1.5% in Q1.

In a recent report, OrangeTee said the Singapore HDB resale market exhibited notable resilience as prices rose for the 20th consecutive quarter. However, the pace of price growth has slowed for a second consecutive quarter,  indicating that some level of resistance is starting to set in against further price hikes.

“According to public housing statistics released by HDB, prices rose by 1.5 per cent in the first quarter of 2025, slowing down from the 2.6 per cent growth registered in the fourth quarter and the 2.7 per cent gains in the third quarter of 2024. Furthermore, Last quarter's price growth was lower than the 1.8 per cent recorded in Q1 2024 and is the slowest growth since Q4 2023 at 1.1 per cent,” the report said.

Here’s more from OrangeTee:

A deceleration in price growth or price drop was observed across most flat types, based on HDB caveat data from data.gov.sg. For instance, 4-room flats posted a quarterly price increase of 1.9 per cent in Q1 2025, a decline from the 2.2 per cent growth observed in the previous quarter. 5-room flats experienced a quarterly growth rate of 2.1 per cent in Q1 2025, compared to 2.7 per cent in Q4 2024.

For small flats, 2-room flats registered a growth rate of 1.5 per cent in Q1 2025, down from 2.3 per cent in the preceding quarter. 1-room flats recorded a quarterly price drop of 3.3 per cent in the first quarter of this year, compared to a 7.6 per cent increase in the preceding quarter.

Conversely, 3-room flats posted a faster growth of 2.2 per cent in Q1 2025, while executive flats registered a faster pace of increase at 1.3 per cent during the same timeframe.