Singapore HDB resale prices unchanged for the first time since Q1 2020

Resale prices were flat in Q4 2025 following a modest growth in the prior quarter.

Singapore’s public housing resale market showed clear signs of cooling in the final quarter of 2025, with prices holding flat for the first time in nearly five years, according to a report by PropNex.

Flash estimates from the Housing and Development Board (HDB) indicated that HDB resale flat prices were unchanged in the fourth quarter of 2025, following a modest 0.4% increase in the previous quarter. PropNex said this marked the first instance of flat quarter-on-quarter price movement since the first quarter of 2020.

For the full year, HDB resale prices rose by a cumulative 2.9%, representing the slowest pace of growth in the segment since 2019, when prices edged up just 0.1%, the property agency noted.

Transaction volumes also softened toward the end of the year. HDB data showed that 5,129 resale flats were sold in the fourth quarter of 2025 as at Dec 30, a figure set to fall well below the 7,221 units transacted in the third quarter and the 6,424 units sold in the same period a year earlier.

In total, around 26,042 HDB resale flats changed hands in 2025 up to Dec 30, down from 28,986 units recorded in 2024, according to PropNex.

The agency said the combination of stabilising prices and lower transaction volumes points to a more measured market, following several years of strong growth in the public housing resale segment.