HDB Flats Market Update – September 2025

In September 2025, Singapore’s HDB flats continue to play a vital role in the property landscape, catering to families, first-time buyers, and even investors. Despite ongoing economic challenges and higher interest rates, demand for HDB resale flats remains resilient and steady, reflecting their long-term value in providing affordable housing and stable appreciation.

This update explores the latest HDB resale price trends, buyer demand, million-dollar flat transactions, rental outlook, and what homeowners and investors should expect in the months ahead.

1. Resale Price Trends

The HDB Resale Price Index (RPI) in September shows continued growth, albeit at a slower pace compared to earlier in the year.

• Steady appreciation: Prices grew around 0.5% month-on-month, signaling strong underlying demand.
• Flat type performance:
  • 4-room and 5-room flats recorded the strongest demand, especially in mature estates.
  • 3-room flats remained attractive to budget-conscious buyers and singles.
  • Executive apartments continued to see interest due to larger layouts, appealing to multi-generational families.

This modest but consistent growth suggests that buyers view HDB resale flats as a secure, long-term investment in uncertain times.

2. Buyer Demand and Sentiment

Despite higher financing costs from increased interest rates, demand for resale flats remains robust. Several factors drive this trend:

• BTO waiting times: With Build-to-Order flats taking several years to complete, young couples and families are increasingly opting for resale flats for quicker access to housing.
• Location convenience: Properties near MRT lines, schools, and amenities remain in high demand.
• Lifestyle upgrades: Families are upgrading from smaller units to larger flats, driving demand in the 4-room and 5-room segments.

Buyers remain price-sensitive but continue to prioritize location, convenience, and long-term livability.

3. Million-Dollar HDB Flats

Million-dollar HDB transactions continue to make headlines in September 2025, underscoring the sustained demand for prime properties.

• Prime estates: Flats in Bishan, Queenstown, Bukit Merah, and Central areas lead the million-dollar sales.
• Unique layouts: Rare maisonettes, executive apartments, and DBSS flats fetch premium prices due to scarcity.
• Strong demand: The number of million-dollar transactions this month is on par with earlier months in 2025, signaling that buyers remain willing to pay a premium for exclusivity and location.

This trend emphasizes the growing stratification in the HDB market, where prime units command record prices while others remain more affordable.

4. Rental Market Outlook

The HDB rental market has shown signs of stabilization in September.

• Moderating rents: After a sharp surge in 2023 and 2024, rents have plateaued, offering some relief to tenants.
• Consistent demand: Foreign workers, students, and families awaiting BTO completions continue to drive rental demand.
• Popular areas: Towns like Tampines, Jurong, and Punggol remain hotspots due to transport links and lifestyle amenities.

With supply gradually improving, rental growth is expected to be modest in the coming quarters.

5. Government Measures and Policies

Government cooling measures introduced in previous years continue to ensure market stability.

• Loan restrictions: MSR (Mortgage Servicing Ratio) and TDSR (Total Debt Servicing Ratio) keep borrowing levels healthy.
• Ethnic quota and eligibility rules: These remain key to ensuring inclusivity and balanced housing distribution.
• Future BTO supply: Announcements of more BTO launches aim to meet growing demand and ease pressure on resale prices.

These measures reinforce Singapore’s commitment to maintaining affordability and stability in the HDB market.

6. Key Trends Observed in September 2025

• Sustained resale demand despite economic headwinds.
• Steady price growth across most flat types.
• Million-dollar flats continue to reflect the appeal of prime estates.
• Stabilizing rental market after sharp rises in recent years.
• Young buyers increasingly entering the resale market due to BTO delays.

7. Buyer and Seller Tips

• For Buyers:
  • Focus on flats in towns with upcoming MRT lines for long-term appreciation.
  • Consider mid-sized 4-room flats for a balance of affordability and space.
  • Plan financing carefully in light of higher interest rates.
• For Sellers:
  • Well-renovated flats in mature estates can command premium prices.
  • Highlight unique features like unblocked views or corner units to attract serious buyers.
  • Time your sale based on nearby BTO launches, which may influence demand.

Conclusion

The HDB market in September 2025 remains robust, resilient, and highly relevant in Singapore’s housing landscape. While private condos and new launches capture attention, HDB flats continue to be the foundation of homeownership for the majority of Singaporeans.

For buyers, HDB resale flats offer a practical, stable entry into the property market, while for sellers, the continued demand ensures opportunities for strong returns. Looking ahead, the market is expected to remain stable, with steady prices, healthy demand, and a balanced rental market shaping the next phase of Singapore’s property journey.