Resale Flat Prices 04 Q O Q 3q2025 Smallest Quarterly Growth 2q2020 Hdb Flash Estimates
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According to flash estimates published on October 1st, 2025, HDB resale flat prices in 3Q2025 have grown by 0.4% quarter-on-quarter (q-o-q). This marks the 22nd consecutive quarter of price increases since 2Q2020, although the pace continues to moderate. Despite the slower growth, HDB states that this is the lowest quarterly increase since 2Q2020.
The 3Q2025 figure is the fourth consecutive quarter of slower price growth, following the 0.9% and 1.6% increases recorded in 2Q2025 and 1Q2025, respectively. This year, resale flat prices have grown by 2.9% for the first nine months, a decrease from the 6.9% rise in the same period last year. It is also lower than the 3.8% growth recorded for the first nine months of 2023.
Resale volume for 3Q2025 was 7,157 transactions, representing a marginal increase q-o-q but a significant 10.9% decrease year-on-year (y-o-y). Lee Sze Teck, senior director of data analytics at Huttons Asia, attributes the slower activity to the July Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises.
HDB launched 10,209 flats for sale during the exercises, including flats with shorter waiting time (SWT). Lee explains that these SWT flats and completed SBF flats may have diverted demand away from the resale market. Eugene Lim, key executive officer at ERA Singapore, agrees with this reasoning and adds that the July exercises included units in highly sought-after locations such as Toa Payoh and Bukit Merah. The lower supply of flats hitting their minimum occupation period may have also contributed to the lower resale volume, according to Lim.
Some buyers may have preferred to wait for the October BTO sales exercise, believes Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group. She notes that this marks the first launch of new flats in Mount Pleasant and the Greater Southern Waterfront, where demand is expected to be high.
Mixed price movements were seen across different flat types, with average resale prices either decreasing or experiencing slower growth. In 3Q2025, four-room and five-room flats recorded q-o-q increases of 0.3% and 0.7%, respectively, down from 1.4% and 1.2% in the previous quarter. At the same time, three-room and executive or multi-gen flats saw q-o-q price declines of 0.9% and 1.6%, respectively, reversing from gains recorded in 2Q2025.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, also notes a divergence in price movements between newer and older flats. He explains that flats with leases commencing from 2013 onwards continued to drive the overall resale market prices, recording an increase of 1.5% in 3Q2025. Flats built in 1970 or earlier saw a sharp price decline of 5.7% q-o-q, highlighting the impact of lease decay and financing challenges on buyer demand.
Newer flats are also accounting for more million-dollar flat transactions, according to ERA’s Lim. Out of the approximately 480 resale flat deals that transacted for at least $1 million, 246 were for flats less than 15 years old. He adds that this quarter saw 11 transactions crossing the $1.5 million mark, with 10 of these involving flats under 15 years old. The majority of million-dollar resale flats continue to take place in centrally located mature estates, with Toa Payoh recording the highest number of such deals in 3Q2025.
Looking ahead, Sun predicts that resale flat prices will remain stable or slightly decline in the fourth quarter. She explains that demand typically falls during the final quarter of the year as market activity slows down during the year-end holidays. Additionally, ERA’s Lim notes that the October BTO exercise will see over 9,000 flats offered for sale, making it the largest launch of the year. Wait-listed projects in emerging precincts such as Mount Pleasant and the Berlayar estate on the former Keppel Club site in Bukit Merah may also cause buyers to hold off from the resale market until ballot results are released.
ERA has maintained its full-year resale price growth forecast range of 3% to 6% for 2025, with volume expected to reach about 26,000 to 27,000 transactions.