Resale flat prices in Singapore rose by 0.4 per cent in the third quarter of 2025 — the slowest quarter-on-quarter increase since the second quarter of 2020, according to flash estimates released by the Housing and Development Board (HDB) on Wednesday (Oct 1).

The resale price index climbed from 202.9 to 203.7, marking the 22nd consecutive quarter of growth since prices began rising in mid-2020. However, this also represents the fourth straight quarter of slowing price growth, reflecting a gradual cooling in the market after several rounds of housing measures introduced between 2021 and 2024.

Cooling Market Amid Softer Economy

HDB noted that the broader economic environment remains challenging, with Singapore’s gross domestic product growth expected to moderate in the second half of 2025. The agency also observed “early signs of moderating labour demand” and urged households to exercise prudence when purchasing properties and taking on mortgage loans.

Resale transactions fell notably, with 7,157 flats changing hands as of Sep 29 — 10.9 per cent lower than the same period last year. Property analysts say the slowdown reflects both macroeconomic uncertainties and buyers holding out for upcoming public housing launches.

October BTO Launch May Divert Demand

The final Build-to-Order (BTO) exercise of the year will see more than 9,000 flats launched across Ang Mo Kio, Bedok, Bishan, Bukit Merah, Jurong East, Sengkang, Toa Payoh and Yishun.

The October BTO launch could divert demand away from the resale HDB market, especially as new projects offer “early mover opportunities” in emerging estates such as Mount Pleasant and Berlayar.

HDB Resale Price Forcast 

• Demand typically falls during the final quarter of the year as market activity slows during the holidays
• Fewer flats reaching their minimum occupation period (MOP) in 2025 — less supply leads to less sale transactions
• Resale prices to stay largely stable or see a slight dip in the fourth quarter.
• Demand for 5-room flats in mature estates is likely to remain resilient given limited supply.

Outlook: A Calmer Year-End for the Resale Market

With a combination of cooling measures, slower economic growth, and expanded BTO offerings, analysts agree that the public housing market is entering a period of price consolidation after years of sharp increases.

While demand remains healthy, particularly for well-located and larger flats, the broader trend points toward a more balanced and sustainable resale market heading into 2026.