Press Release

HDB Resale Price Index

​​The HDB resale prices rose for the 21^st consecutive quarter in Q2 2025, albeit at a slower pace compared to Q1; prices rose by 0.9 per cent in Q2 2025, compared to the 1.6 per cent increase in Q1 2025, marking the third consecutive slowdown in price growth.  On a year-on-year basis, price gains are also lower than the 2.3 per cent recorded in Q2 2024.​ For the first half of 2025, prices increased by 2.5 per cent, which is less than the 4.2 per cent growth in H1 2024 but similar to the 2.5 per cent increase in H1 2023. 

​Prices ​in Q2 2025 grew at a slower pace, as the supply of new flats rose substantially this year. ​O​ver 20,000 new BTO (build-to-order) and SBF (sale-of-balance flats) were launched for sale in the February and July BTO sales exercises. Many new flats were located in choice locations and some had shorter completion times. Generous grants were available for eligible buyers and deferment of income assessment were additional factors. 

​Nevertheless, Q2 2025 marks the longest price growth streak ​ever recorded. Prices have grown continuously for 21 consecutive quarters from Q1 2020 to Q2 2025, compared to the 20 consecutive quarters of increase from Q4 1991 to Q4 1996. However, the recent price increases, while noticeable, still pale in comparison to the more dramatic spikes observed in the 1990s. Prices grew by 54.3 per cent from Q1 2020 to Q2 2025. Comparatively, prices surged by 294.4 per cent from Q4 1991 to Q4 1996. 

Resale Volume 

​Resale volume rose by ​7​.8 per cent from 6,590 units in Q1 2025 to 7,​1​02 units in Q2.  The ​sales increase ​could be attributed to the absence of BTO launches in the second quarter of this year. Some buyers who are in urgent need of a home may have turned to the secondary market.   Year-on-year, the total resale volume declined by ​3.4 per cent from ​7,352 units​ in Q2 2024.

​Rental   

​​HDB rental demand continued to recover last quarter. According to HDB Public Housing Data for Q2 2025, the number of approved applications to rent out HDB flats increased​ by ​4.2 per cent from 9,662 units in Q1 2025 to ​10,066 units in Q2 2025. The uptick in HDB rental volume is expected, as rental demand typically increases in Q2 compared to Q1, as observed in 2023 and 2024.  

​As private rents become more competitive, many flat owners are less likely to increase their asking rents substantially, which could be beneficial to tenants. As a result, rent prices are expected to rise modestly this year by 1 to 2 per cent for the whole of 2025.