4Q 2025 HDB Quarterly Report: HDB Resale Transactions Moderate to End 2025

SINGAPORE, 23 January 2026 – “Resale HDB prices continued to rise in 4Q 2025, although the pace of growth has moderated to a more stable and sustainable level. The HDB Resale Price Index (RPI) was largely unchanged quarter-on-quarter (q-o-q), marking the first flat reading since 1Q 2020 and bringing an end to four consecutive quarters of modest price increases. 

Against the 9.7% year-on-year growth recorded in 2024, this marks the slowest annual price increase since 2019 and aligns with ERA’s full-year 2025 price growth forecast of 3–6%.”

“The slower pace of RPI growth in the quarter, and over the year as a whole, can be attributed to the limited supply of MOP flats, which stood at 6,973 units in 2025. This marks the lowest MOP supply in 11 years, since 2014, when only 5,301 units entered the resale market. With fewer newer eligible resale flats entering the market, transaction activity remained constrained, resulting in more measured price movements.” Eugene Lim, Key Executive Officer, ERA Singapore, said. 

“MOP flats have been a key driver of transactions and price growth, and their constrained supply across 2025 has led to the deceleration in growth rate observed in the RPI.”

Resale Transaction Volume

“In 4Q 2025, 5,256 resale applications were recorded, marking a 27.2% q-o-q decline. This also represents a 18.2% decline from the same period in 4Q 2024.

Overall, 2025 has seen an annual transaction tally of 26,169 resale units. This represents a notable 9.7% decline from 28,986 units in 2024, largely due to increased supply from additional Sales of Balance Flats (SBF) exercises and a smaller pool of flats reaching their Minimum Occupation Period (MOP). 

Overall HDB resale transactions in 2025 fell in line with ERA’s initial full-year projection of 26,000-27,000 units, despite competition from a sizeable pipeline of Sale of Balance Flats (SBF) units released during the year. Two SBF exercises were launched in 2025 – in February and July, following the Budget 2025 announcement. Notably, the February SBF exercise was the largest to date, offering 5,590 flats.

Concurrently, the number of flats reaching their Minimum Occupation Period (MOP) fell to 6,973 units in 2025, representing the tightest MOP supply in over a decade.” 

Million-dollar flat transactions are rising, but overall HDB resale transaction prices remain affordable

“In 4Q 2025, a further 351 million-dollar flat transactions were recorded, the lowest quarterly tally for the year. This brings the total number of million-dollar flat transactions to 1,594 units for the full year, about 54.7% higher than the previous peak of 1,035 units in 2024.

These higher-value transactions remained concentrated in mature estates, which accounted for around 91.3% of all million-dollar deals across 2025. 

In addition, over half (52.4%) of million-dollar deals in the year (up to 30 December 2025) involved newer flats aged 15 years or below. This reflects ongoing demand for newer HDB homes in centrally-located, mature estates.” 

Overall, HDB resale prices remained affordable in 2025, with about 73% of transactions taking place below the $750,000 price point. Additionally, million-dollar flats made up only 6.1% of all transactions in the quarter. 

Only eight out of 26 HDB towns recorded median transaction prices of over $750,000, all of which were mature estates, where a higher proportion of newer flats tends to support overall price levels. With the majority of 4-room resale flats transacting below the $750,000 mark, this underscores that the broader resale HDB market remains largely affordable. 

Rental

“HDB rental applications edged down by 5.6% on the quarter to 9,557 applications in 4Q 2025. This places full-year rental volumes at 39,408 units for 2025, while also representing a 7.5% year-on-year increase from the 36,673 applications recorded in 2024.

The number of applications in 2025 is also the highest since 2021, when 42,623 applications were recorded. This increase was likely supported by Singapore’s steady foreign workforce, which continues to underpin HDB rental demand. In addition, some demand may have come from private property owners affected by the 15-month wait-out period.”

Outlook for 2026

“In 2026, the HDB RPI is expected to continue its steady climb of 2-5%, supported by the higher price base established in 2025. At the same time, a larger pool of approximately 11,181 3-room and larger flats reaching their MOP in 2026 should help sustain both resale price growth and transaction activity. 

For the year ahead, ERA forecasts HDB resale transactions to range between 26,000 and 27,000 units. This outlook is driven by two key factors: a larger pipeline of about 13,840 MOP flats entering the resale market and steady price growth, which may encourage more homeowners to sell.” 

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

Disclaimer

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