As we close out 2025, the HDB resale market in Singapore has shown a notable transition from the rapid price growth seen in recent years to a more measured and stable phase setting the stage for how the market may evolve in 2026.
2025 in Review: Slower But Steady Growth
- Throughout 2025, resale prices were positive but slower, with growth around 2.9% year-to-date, markedly lower than the double-digit gains seen in 2024.
- Quarterly gains slowed including a 0.4% rise in Q3, the slowest in several years.
- Reports suggest resale prices could finish 2025 up 3–4%, reflecting a market that is still firm yet less frenetic than before.
The slowdown has been driven partly by higher supply from Build-to-Order (BTO) and Sale of Balance Flats (SBF) launches, as well as buyer price resistance amid affordability concerns.
One notable trend this year was the continued record numbers of “million-dollar” resale flats, particularly in mature estates illustrating persistent demand for well-located homes even as growth moderates.
Key 2025 Market Themes
Supply Constraints But Easing — Although 2025 saw one of the lowest numbers of flats reaching their Minimum Occupation Period (MOP) in over a decade, the growing BTO pipeline has helped give buyers more alternatives.
Moderation, Not Collapse — Price growth slowing doesn’t signal a downturn; instead, the market appears to be moving toward greater balance between supply and demand.
Buyer Behaviour Adapts — With more flats becoming available through shorter-waiting BTO offerings and SBF exercises, some buyers are shifting their preferences away from resale flats, especially at the top end of resale pricing.
2026 Forecast: Measured Growth Ahead
Looking into 2026, most analysts are pointing to steady but modest price growth for HDB resale flats:
Price Growth: HDB resale prices are expected to continue rising in 2026, though likely at a muted pace of around 1–5%. The growth forecast reflects moderating demand pressure against a backdrop of increasing supply.
Increased Resale Supply:
A crucial factor shaping next year’s outlook is the significant increase in supply — with a larger cohort of flats reaching their MOP in 2026 compared to 2025. This boost effectively adds more choice to the resale market and could temper pricing momentum.
Transaction Volume:
About 26,000–27,000 resale transactions are expected in 2026, supported by an influx of MOP-eligible flats and a steady pool of buyers, including first-timers and upgraders.
What This Means for Buyers & Sellers
- A broader supply of resale options in 2026 could ease competition and provide more negotiating room.
- Moderating price growth makes it a more favourable environment for careful, long-term purchases.
- While prices are expected to remain positive, sellers may need realistic pricing strategies to match buyer expectations and the growing resale supply.