Resale volumes fall 7.7% year-on-year as signs of moderation emerge in the public housing market; HDB resale price increase slows to 1.5% in Q1
HDB resale prices rose by 1.5% in Q1 2025, marking a slowdown from the 2.6% growth in Q4 2024, according to flash estimates released on 1 April. This also trails the average quarterly increase of 2.3% seen throughout 2024, suggesting that the market may be entering a phase of more tempered growth.
The deceleration in price gains coincides with a drop in resale activity. As of 27 March 2025, 6,392 resale transactions were recorded—a 7.7% decline compared to the same period last year.
Q1 2025 HDB Resale Market at a Glance
More Resale Supply Expected as MOP Flats Enter the Market
The current tight supply of resale flats—due in part to construction delays during the pandemic—has propped up prices in recent years. However, this is expected to ease gradually. The number of flats reaching their Minimum Occupation Period (MOP) is projected to increase from around 8,000 units in 2025 to 13,500 in 2026, and 19,500 by 2028.
This pipeline of resale-eligible flats is likely to relieve some of the existing pressure in the resale market, potentially improving accessibility for buyers over time.
Strong BTO Pipeline in 2025 and Beyond
To further address housing demand, HDB will launch approximately 5,400 BTO flats in July 2025 across key towns such as Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands.
This follows a February Sale of Balance Flats (SBF) exercise, with another SBF round slated for later this year. Combined, these SBF rounds will offer around 8,500 flats in 2025—the largest annual supply since 2017.
Looking ahead, more than 50,000 BTO flats will be launched from 2025 to 2027, including 19,600 flats in 2025 alone. In total, HDB expects to launch 130,000 new flats between 2021 and 2027, boosting public housing stock by 11%.
New Measures to Support Diverse Buyer Needs
To cater to a wider range of households, HDB will implement several policy enhancements from the upcoming July BTO launch:
Higher Allocation for Second-Timer Families: The quota for second-timer families applying for 3-room or larger flats will be increased by five percentage points.
Expanded Deferred Income Assessment: Now extended to young couples where one partner is still a full-time student or national serviceman.
New Family Care Scheme (Proximity): Offers priority allocation to households applying to live with or near their parents.
Enhanced Fresh Start Housing Scheme: Provides increased grants to help more public rental households with children transition into homeownership.
Key Takeaways
Market Slowing: HDB resale price growth decelerated to 1.5% in Q1, below both Q4 2024 and the 2024 quarterly average.
Transaction Volume Down: 6,392 resale flats were sold in Q1 2025, a 7.7% decline from a year ago.
More Resale Flats Incoming: The number of flats reaching MOP will grow significantly over the next few years, increasing supply.
Largest Flat Supply Since 2017: 2025 will see around 8,500 units offered through BTO and SBF exercises.
Greater Flexibility for Homebuyers: Policy enhancements target second-timers, young couples, and multi-generational households.
With a growing supply pipeline and targeted policy shifts, Singapore’s public housing market appears poised for a more sustainable pace of growth—providing both stability and expanded access for future homeowners.
Have questions about your next move in the HDB resale market? Contact our sales consultants for personalised advice and insights tailored to your housing goals.
