HDB Resale Market

HDB’s flash estimate of the 4th Quarter 2025 Resale Price Index (RPI) is 203.6, largely unchanged from 3rd Quarter 2025’s index of 203.7 (see Annexes A1 and A2). This is the first time resale prices have remained unchanged since 1st Quarter 2020. This follows four consecutive quarters of slower price growth for resale flats. Specifically, the last three quarters of 2025 (Q2 to Q4) saw price growth of under 1%. Based on the flash estimate, the full year growth in resale flat prices has slowed significantly, from 9.7% in 2024 to 2.9% in 2025, and is the slowest price growth since 2019.

2 The resale volume in 4th Quarter 2025 (up to 30 December) is 5,129, 18.8% lower than the 6,314 cases recorded in the same period last year. This is the second consecutive quarter with a double-digit year-on-year percentage drop in quarterly resale volume.

3 For the full year up to 30 December 2025, the total resale volume is 26,042, which is 9.8% lower than the 28,876 cases recorded in the corresponding period last year. 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.

Upcoming Flat Supply

4 In February 2026, HDB will launch about 4,600 BTO flats in Bukit Merah, Sembawang, Tampines, and Toa Payoh. In addition, we will conduct a concurrent Sale of Balance Flats exercise comprising about 3,000 units. More details will be shared at the February 2026 sales exercises.

5 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.

Flash Estimate of 4th Quarter 2025 Resale Price Index and Upcoming Flat Supply