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In The News Press Release
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Realion | Comments on HDB Q2 2025 Flash Estimates

HDB Quarterly Data

Press Release

01 Jul 2025


HDB has just released the Q2 2025 public housing data.

https://www.hdb.gov.sg/about-us/news-and-publications/press-releases/flash-estimate-of-2nd-quarter-2025-resale-price-index-and-upcoming-flat-supply


HDB Resale Price Index

The HDB resale rose for the 21st consecutive quarter in Q2 2025, albeit at a slower pace compared to Q1. According to the latest flash estimates released by HDB, prices rose by 0.9 per cent in the second quarter of 2025, down from the 1.6 per cent increase registered in the first quarter of this year, marking the third consecutive slowdown in price growth. Price gains are also lower than the 2.3 per cent recorded in Q2 2024.
         

Reasons behind the slower price growth

Based on HDB resale caveat data from data.gov.sg, price growth was generally slower across most flat types. For instance, 4-room flats rose by 1.3 per cent quarter-on-quarter (q-o-q) in Q2 2025 compared to 2 per cent growth in Q1 2025. Similarly, prices grew by 1.2 per cent in 5-room flats, down from 2.1 per cent; 3-room flats rose by 2.1 per cent, down from 2.2 per cent, and 2-room flats climbed by 1.4 per cent, down from 1.5 per cent, over the same periods.  


Conversely, the average prices of executive flats jumped by 3.8 per cent in Q2, up from the 1.5 per cent quarterly gain in Q1. Moreover, approximately a third or 116 units of the 414 executive flats were transacted at high prices of at least a million dollars in Q2. The number of executive flat transactions also increased last quarter, following two consecutive quarters of decline. 414 executive flats were sold in Q2 2025, up from 362 units in Q1 2025 and 387 units in Q4 2024. 

The increase in BTO supply may have slowed down the pace of price growth in the secondary market. Buyers now have more housing options. In July, HDB will be launching 5,500 BTO flats, and we expect keen buying interest in areas like Clementi, Toa Payoh, Tampines and Bukit Merah. The continual ramp-up in the number of Sale of Balance Flats will also compete for buyers with the resale market since these flats are closer to completion or are already completed. 

A general slowdown is also expected given the heightened geopolitical tensions in the Middle East and ongoing global trade war. 


Outlook 

The HDB resale price growth is expected to continue rising modestly for the remainder of the year, driven by our stable economic fundamentals and declining interest rates. However, significant price spikes may be tempered in the longer term, as the overall flat supply is poised to rise in the coming years, leading to more competition among sellers. Buyers will then be faced with a wide array of housing choices. 

With the recent announcement of the master plan, some areas may experience an uptick in interest from potential buyers, as they look forward to the development of new community hubs, healthcare facilities, transportation options, and other choice amenities. Areas which may benefit from this growth include Bishan, Dover, Sengkang, Woodlands, and Yio Chu Kang, among others.




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