HDB resale prices rise 2.3% in first quarter; lowest growth since Q3 2020

The first quarter of 2022 ended on a comparatively muted note for the Housing and Development Board (HDB) resale market, with flash estimates projecting a 2.3% rise in prices— the lowest since that in Q3 2020.

The demand for million-dollar HDB flats, however, persisted. Eighty-two such flats changed hands in the last quarter— a slight dip from the 85 transactions in the previous quarter.

The gentler incline in HDB resale prices, however, is not unexpected. After all, it comes on the back of eight consecutive quarters of price increase. Property analysts remain optimistic about the upward trend in prices, which looks set to continue, even as it is tempered by the latest cooling measures in December and inflation among others.

The price growth in the resale market would also be encouraged by the addition of newer flats. Around 35,000 flats could potentially be placed on the resale market by this year, as they fulfil their minimum occupation period (MOP). The newer flats, which would have a longer lease balance, would further raise the HDB resale prices.

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