Singapore’s HDB resale market in 2025 tells a two-speed story. While overall price growth slowed sharply and transaction volumes softened, the upper tier — million-dollar resale flats — continued to defy gravity, setting new benchmarks even as the broader market stabilised.
This divergence is important. It signals not a market in trouble, but one that is segmenting more clearly, shaped by supply dynamics, buyer preferences, and location-driven demand.
Slower growth, not a reversal
According to HDB’s resale price index, overall HDB resale prices rose 2.9% in 2025, a significant moderation from the 9.7% increase in 2024. Prices were largely flat in 4Q2025, marking the weakest annual growth since prices bottomed out in 2019.
Rather than signalling weak demand, analysts widely view this as a healthier and more sustainable pace, driven mainly by supply-side factors — especially the limited number of flats reaching their Minimum Occupation Period (MOP) last year.
With only 6,973 flats reaching MOP in 2025, the lowest level in 11 years, resale supply — particularly of younger flats — remained tight, naturally tempering transaction activity and price momentum.
Infographic: What shaped the 2025 HDB resale market 🏘️
📉 Overall market
- 2025 price growth slowed to 2.9% (from 9.7% in 2024)
- Prices largely plateaued in 4Q2025
- Annual resale volume fell 9.7% to a five-year low
🏗️ Supply dynamics
- Lowest MOP supply in 11 years
- More buyers diverted to BTO and SBF exercises
- Wider gap between seller expectations and buyer resistance
💎 Million-dollar segment
- Average prices rose 2.3% q-o-q in 4Q2025
- Record 1,594 million-dollar flats sold in 2025
- Strong concentration in mature estates and larger flat types
Fewer deals, longer timelines
Resale activity slowed markedly toward year-end. In 4Q2025, only 5,256 resale transactions were completed — down 27.2% q-o-q and 18.2% year-on-year.
For the full year, resale transactions fell to 26,169 units, the lowest level in five years. Many buyers were drawn to BTO and Sale of Balance Flats (SBF) offerings, while others held back due to widening price expectations and year-end travel patterns.
This slowdown, however, reflects normalisation, not distress.
Million-dollar flats: resilient and selective
At the top end, prices told a very different story.
In 4Q2025, the average price of million-dollar HDB flats climbed to nearly $1.17 million, even as transaction volume dipped. For the full year, the average price reached $1.14 million, up from $1.12 million in 2024.
Notably:
- Nearly nine in 10 million-dollar flats were in mature estates
- Top towns included Toa Payoh, Bukit Merah and Queenstown
- Most deals involved four-room and five-room flats, where buyers prioritised space, layout efficiency and long-term liveability
Buyers in this segment are not chasing momentum — they are paying for scarcity, location, and attributes.
Why prices can rise even as the market cools
This apparent contradiction is explained by segmentation.
The majority of HDB resale transactions in 2025 still took place at more accessible price points. Meanwhile, competition intensified within a narrow pool of well-located, younger, larger flats — especially those just meeting the five-year MOP and free from newer resale restrictions.
Some standout transactions underline this trend, including a Bishan executive maisonette sold for $1.6 million, despite having about 60 years left on its lease — a reminder that size and rarity still command a premium.
Rental market: stable, but competition ahead
HDB rental demand eased slightly in 4Q2025, though full-year approvals rose 7.5%. Looking ahead, landlords may face greater competition as resale supply increases meaningfully from 2026 onwards.
The number of flats reaching MOP is projected to rise sharply:
- 2026: ~13,484 flats
- 2027: ~18,939 flats
- 2028: ~21,393 flats
This expanding supply is expected to support more balanced pricing across both resale and rental markets.
Outlook for 2026: steady, not speculative
Looking ahead, analysts expect:
- 26,000–27,000 resale transactions in 2026
- Price growth of around 3%–4%, supported by rising MOP supply
- Continued strength in well-located, larger flats — especially in mature estates
At the same time, a robust pipeline of 19,600 BTO flats in 2026, including over 4,000 units with shorter waiting times, will continue to anchor affordability and choice.
Summary: Key takeaways ✅
✅ HDB resale price growth slowed to a sustainable pace in 2025
✅ Transaction volumes fell, reflecting normalisation and supply shifts
✅ Million-dollar flats hit a record year despite broader cooling
✅ Demand remains strongest for larger flats in mature estates
✅ Rising MOP supply from 2026 should support healthier price formation
Final thoughts & call to action
Today’s HDB resale market is no longer one-size-fits-all. Whether you’re buying, selling, or planning your next move, understanding which segment you’re in matters more than ever.
If you’d like help interpreting how these trends affect your flat, your timeline, or your options, feel free to reach out — happy to walk through it with you.