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SINGAPORE: Housing and Development Board\u00a0(HDB) flat resale prices rose by 2.9 per cent in 2025, compared with 9.7 per cent in 2024, marking the slowest price growth since 2019.<\/p>\n
The HDB resale price index, which reflects the general price movements in the resale market, remained largely unchanged at 203.6 in the fourth quarter, according to HDB\u2019s flash estimate on Friday (Jan 2). It stood at 203.7 in the previous quarter.<\/p>\n
This is the first time resale prices have remained unchanged since the first quarter of 2020.<\/p>\n
“This follows four consecutive quarters of slower price growth for resale flats,” said HDB in a media release. “Specifically, the last three quarters of 2025 saw price growth of under 1 per cent”.<\/p>\n
Resale volume in the fourth quarter of this year was 5,129, an 18.8 per cent decrease from the 6,314 cases recorded in the same period last year.\u00a0<\/p>\n
It was the second consecutive quarter with a double-digit year-on-year percentage drop in quarterly resale volume, HDB said.<\/p>\n
Meanwhile, total resale volume for the full year up to Dec 30, 2025, was 26,042, a 9.8 per cent drop from the 28,876 cases recorded in the corresponding period last year.<\/p>\n
The last time annual resale volume declined was in 2023, when it fell by 4.2 per cent compared with 2022 – less than half the current rate of decline.<\/p>\n
Property analysts expect the pace of growth of resale prices to moderate in 2026 compared with the previous year, as a large supply of flats reaching their minimum occupation period (MOP) is expected to boost supply.<\/p>\n
\u201cAn estimated 13,484 flats are projected to reach their MOP in 2026, nearly double the number in 2025,\u201d said Singapore Realtors Inc head of research and data analytics Mohan Sandrasegeran.<\/p>\n
\u201cThis sizeable cohort is likely to introduce a larger pool of newer flats into the resale market, giving buyers a wider range of options with longer remaining leases and easing some of the supply tightness seen in recent years.\u201d<\/p>\n
ERA Singapore key executive officer Eugene Lim said HDB resale transactions should range between 26,000 and 27,000 units in the year ahead.<\/p>\n
\u201cThis outlook is driven by two key factors: a larger pipeline of about 13,840 MOP flats entering the resale market and steady price growth, which may encourage more homeowners to sell,\u201d he said.<\/p>\n<\/div>\n