Singapore's HDB Resale Market Outlook 2025:

As we move further into 2025, Singapore’s HDB resale market stands at a critical turning point—one shaped by economic uncertainties, policy shifts, and demographic trends. After several years of aggressive price growth, buyers and sellers alike are entering a more nuanced phase: one where equilibrium may finally be in sight.

In this article, I’ll break down the key takeaways from the latest market data and developments, share what this means for buyers and sellers, and give you a clear view of what to expect next.

📈 Infographic: Key Market Shifts in the HDB Resale Market (2024–2025)

🏡 What’s Happening in 2025?

Moderating Growth, But Not a Market Crash
Resale prices are still rising—but at a slower pace. Q1 2025 saw a 1.5% increase, down from 2.6% in Q4 2024. This signals healthy moderation as more flats reach MOP and enter the market in the coming years.

Demand Remains Resilient
Despite global uncertainties and a cautious economic climate, demand for resale flats remains strong, especially among:

• ✅ First-time buyers looking for immediate occupancy

• ✅ Private homeowners downsizing

• ✅ Buyers seeking affordability amid rising private home prices

Wide Price Gaps Create Price Support
The 304% gap between HDB flats and condos suggests resale flats still have room to grow. Many buyers who are priced out of the private market may turn to larger HDB resale units as an alternative, offering continued support for prices.

Trade Tensions and Inflation = Buyer Caution
While the economic backdrop is stable, global trade wars and tariff hikes may affect sentiment. Buyers are less likely to overstretch, which helps keep price growth in check.

Mortgage Rates Stable, Thanks to Fiscal Policy
Government support through housing grants and subsidies, combined with manageable mortgage rates, are helping to ensure HDB homes stay affordable.

🔍 Opportunities for Buyers & Sellers

✅ For Buyers:

• More resale options coming up as flats reach MOP

• Housing grants and subsidies are still in place

• Less competition in the resale market than during peak years

✅ For Sellers:

• Current price levels remain strong for those looking to sell in high-demand areas

• Rising price gap with condos makes resale flats attractive alternatives

• Selling now may yield better prices than waiting for future supply to enter

⚠️ Challenges Ahead

• ❗️ Lowest number of MOP flats in 2025 (8,000 units) may limit short-term supply

• ❗️ Increased supply from 2026 onwards could ease pressure on prices

• ❗️ Slower economic growth and trade instability may reduce buyer enthusiasm in the mid-term

• ❗️ BTO launches in new areas (e.g. Mount Pleasant, Greater Southern Waterfront) may divert attention from resale market

✅ 2025 Key Highlights – At a Glance

✅ HDB resale volume hit a 3-year high in 2024, up 8.4% YoY
✅ Price growth moderating, but still on an upward trend
✅ Resale flats remain attractive vs condos, with a 304% price gap
✅ More flats reaching MOP expected from 2026 onwards
✅ Grants and government support sustain affordability for first-time buyers
✅ Stable mortgage rates and cooling private sector make HDB a solid option
✅ Long-term demand supported by population growth & rising affluence

💬 Final Thoughts & Call to Action

The HDB resale market in 2025 is entering a phase of calibrated stability—neither overheated nor deflated. For homeowners, it’s an opportune time to evaluate your selling strategy while prices remain buoyant. For buyers, especially first-timers and right-sizers, this may be the window to act before more supply enters and the market rebalances.

📲 Thinking of buying or selling your HDB flat? Let’s have a conversation about your options and how to make the most of the current market.

(Source)