HDB Resale Prices Ease Amid Cooling Measures and Economic Realities

HDB Resale Prices Ease Amid Cooling Measures and Economic Realities

After a period of relentless growth in the Housing and Development Board (HDB) resale market, Q3 of 2023 finally reveals signs of moderation. This news comes as a welcome development for potential homebuyers as cooling measures and economic uncertainties influence the property landscape.

Price Movements in Q3 2023:

Price Increased:

  • Mass market properties (OCR): 5.1% ↗
  • City fringe properties (RCR): 2.3% ↗

Price Decreased:

  • Landed properties: 4.9% ↘
  • Prime properties (CCR): 2.6% ↘
  1. Mass Market Buyers: Mass market properties continue to rise, reflecting their status as an entry point for HDB upgraders. This segment maintains its appeal, even in the face of high-interest rates.

  2. City Fringe Buyers: City fringe properties, with their narrow price gap compared to mass market condos, are becoming increasingly attractive. Many buyers are now skipping mass market options and heading directly for the city fringe.

  3. Prime Property Buyers: Prices for prime properties have remained low, offering a window of opportunity for those seeking valuable real estate deals.

  4. Landed Property Buyers: High-interest rates have led some owners of landed properties to consider offloading their assets and opting for more affordable property types.

Market Highlights:

  • Q3 of 2023 saw a 1.3% increase in HDB resale prices, showing a slower pace of growth than the previous quarter.
  • Despite this moderation, the prices have risen consistently for 14 quarters, signaling resilience.
  • Cooling measures and increased housing supply have proven effective in dampening price hikes.
  • Economic uncertainties and a weaker job market have contributed to a reduced upgrading demand among homebuyers.
  • Resale transaction volumes increased in Q3 but remain lower than previous years, partly due to delays in Build-To-Order (BTO) launches and the introduction of HDB's new framework.
  • Notably, the proportion of five-room and executive flats in total sales declined.
  • The number of million-dollar HDB resale flats witnessed a substantial increase in Q3.
  • The rental market saw a 1.7% increase in the number of HDB flats rented out in Q3.


While the HDB resale market shows signs of stabilization, with quarter-on-quarter growth easing, prices remain buoyant due to the preference for larger flats. Despite a predicted range between 5% and 6% in 2023, easing from the double-digit increases of previous years, prices are unlikely to contract next year unless a serious economic recession occurs.

Stay updated with the latest developments in Singapore's dynamic property market. If you have any questions or need assistance navigating the real estate landscape, don't hesitate to reach out to us.

Back to blog

Leave a comment

Please note, comments need to be approved before they are published.