HDB Resale Market

HDB’s Resale Price Index (RPI) for 4th Quarter 2025 is 203.6, largely unchanged from 3rd Quarter 2025’s index of 203.7 (see Annexes A1 and A2). For the first time since 1st Quarter 2020, resale prices have remained flat, following four consecutive quarters of slower price growth. For the full year, resale price growth has slowed significantly from 9.7% in 2024 to 2.9% in 2025, marking the slowest annual price growth since 2019.

2 Resale transactions in 4th Quarter 2025 fell by 27.2%, from 7,221 cases in 3rd Quarter 2025 to 5,256 cases (see Annex B). Compared to 4th Quarter 2024, resale transactions were 18.2% lower in 4th Quarter 2025.

3 The total resale volume in 2025 fell by 9.7%, from 28,986 cases in 2024 to 26,169 cases. The last time annual resale volume declined was in 2023, when it fell by 4.2% compared to 2022 – less than half the current rate of decline.

4 The median resale prices in the various towns in 4th Quarter 2025 are tabulated in Annex C.

HDB Rental Market

5 The median rents in the various towns in 4th Quarter 2025 are tabulated in Annex D.

6 The number of approved applications to rent out HDB flats fell by 5.6% from 10,123 cases in 3rd Quarter 2025 to 9,557 cases in 4th Quarter 2025 (see Annex E). Compared to 4th Quarter 2024, the number of approved applications in 4th Quarter 2025 was 11.1% higher.

7 The total approved applications to rent out HDB flats in 2025 increased by 7.5%, from 36,673 cases in 2024 to 39,408 cases.

8 As at the end of 4th Quarter 2025, 58,775 HDB flats were rented out, a decrease of 0.4% from the 59,001 flats rented out in the previous quarter.

Upcoming Flat Supply

9 HDB will launch about 19,600 Build-To-Order (BTO) flats across three sales exercises in 2026. This includes more than 4,000 Shorter Waiting Time flats (or about one-fifth of 2026 flat supply) with wait times of less than three years. HDB is prepared to offer more than 55,000 flats from 2025 to 2027 to meet housing demand, if necessary.

10 In February 2026, HDB will launch about 4,600 BTO flats in Bukit Merah, Sembawang, Tampines, and Toa Payoh. A concurrent Sale of Balance Flats exercise offering about 3,000 flats will also be held. More details will be shared at the February 2026 sales exercise.

11 The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market. Given the uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans.

4th Quarter 2025 Public Housing Data and Upcoming Flat Supply