HDB resale prices continue to cool, rising 0.4% in Q3

It is possibly the lowest quarter-on-quarter increase since the second quarter of 2020

- Isabelle Liew

Prices of Housing Board resale flats rose at a slower pace of 0.4 per cent in the third quarter, marking the fourth straight quarter of slowing price growth.

In the second quarter of 2025, prices were up 0.9 per cent.

In the private home market, prices rose 1.2 per cent in the third quarter, up from the 1 per cent growth in the previous quarter.

HDB said on Oct 1 that the early estimates showed the lowest quarter-on-quarter price increase since the second quarter of 2020.

Public housing resale prices have been rising continuously on a quarterly basis since the second quarter of 2020 after the Covid-19 pandemic slowed the construction of Build-To-Order (BTO) flats and crimped the supply of public housing.

Fewer resale flats were sold in the third quarter of 2025 than in the same period in 2024, with 7,157 transactions, down 10.9 per cent from 8,035 units.

Ms Wong Siew Ying, head of research and content at property agency PropNex Realty, said the moderation in HDB resale price growth could be a result of measures taken by the authorities to tackle demand and supply.

She said the supply of new flats, including projects in attractive locations, helped to meet public housing demand and drew some buyers away from the HDB resale market.

There were 480 million-dollar flat transactions in the third quarter of 2025, up from 415 such transactions in the previous quarter.