Resale public flat prices grew 2.9% in 2025, slowest pace in six years

Key Concepts

• HDB Resale Flat Prices: Prices of publicly owned housing resold on the open market in Singapore.
• BTO (Build-To-Order): A system where HDB flats are built only after sufficient demand is confirmed.
• Miso Flats: Likely a colloquial term referring to mature resale flats.
• PR (Permanent Resident): Individuals granted permanent residency in Singapore.
• HDB (Housing & Development Board): The statutory board responsible for public housing in Singapore.
• Leasehold: The duration for which a property can be occupied.
• Income Ceiling (for BTO): The maximum household income allowed to apply for BTO flats.

Resale Flat Price Growth & Market Trends (2025 vs. 2024)

In 2025, resale flat prices in Singapore experienced a 2.9% increase, a significant slowdown compared to the 9.7% growth observed in 2024. This deceleration is attributed to a larger supply of both Build-To-Order (BTO) and resale flats entering the market. Approximately 26,000 resale flats were purchased in 2025, representing a nearly 10% increase from the volume in 2024. Despite the increased transaction volume, the overall price growth was tempered by the increased supply. Quarter-on-quarter price increases were also noted, contributing to the 2.9% annual growth.

Supply & Demand Dynamics

The volume of PR (Permanent Resident) purchases of HDB flats decreased to around 6,900 units in 2025. Analysts suggest this reduction in PR demand, coupled with the increased supply, will contribute to a less buoyant market with fewer transactions and potentially slower price appreciation. Specifically, the influx of over 13,000 flats reaching their 5-year resale eligibility this year is expected to further impact the market. This increased supply of flats with shorter remaining leases may also exert downward pressure on prices, particularly for flats in less desirable estates like Queenstown.

BTO Impact & Potential Policy Changes

A reduction in the number of new BTO units launched in 2025, compared to 2024, is anticipated to drive some demand towards the resale market. Individuals unsuccessful in securing a BTO flat may turn to resale options. However, the potential revision of the income ceiling for BTO eligibility is a key factor. If the income ceiling is not revised upwards, a larger pool of potential buyers may qualify for BTO flats, potentially dampening demand in the resale market. As stated by an analyst, “So in no way some buyers may move on the resale market over whether it was a.” This highlights the uncertainty surrounding buyer behavior based on BTO eligibility.

Million Dollar Flats & Market Segmentation

The number of million-dollar HDB flats transacted increased significantly in 2025, exceeding 1500 units – a 33.3% increase from 2024. However, Mr. Lim emphasizes that these high-value transactions represent only a small fraction of the overall resale market, with the majority of flats still changing hands for under a million dollars. Analysts predict that transaction volumes in the coming year will remain comparable to those seen in 2025.

Forecast & Conclusion

The overall outlook suggests a more moderate growth trajectory for resale flat prices in 2025. The interplay between increased supply, potential changes to BTO eligibility criteria, and the continued demand for housing will shape the market dynamics. While the number of million-dollar flats is rising, it doesn’t represent the broader market trend. The expectation is for transaction volumes to remain stable, similar to those observed in 2025. The market is expected to be less of a “tabata market” – a term suggesting a highly speculative and rapidly rising market – due to the increased supply and potentially dampened demand from BTO eligibility changes.