HDB resale price growth slows to 2.9% in 2025; slowest since 2019
This is the first time HDB resale prices have remained unchanged since the first quarter of 2020.
by Emil Chan · CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
SINGAPORE: Housing and Development Board (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.
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’s flash estimate on Friday (Jan 2). It stood at 203.7 in the previous quarter.
This is the first time resale prices have remained unchanged since the first quarter of 2020.
"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".
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.
It was the second consecutive quarter with a double-digit year-on-year percentage drop in quarterly resale volume, HDB said.
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.
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.
OUTLOOK
HDB will launch about 4,600 Build-to-Order (BTO) flats in Bukit Merah, Sembawang, Tampines, and Toa Payoh in February.
It will also conduct a concurrent Sale of Balance Flats exercise comprising about 3,000 units.
“The government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” said HDB.
“Given the uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans.”
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app