Over the past five years, the resale prices of HDB flats have shot up by 52.7%, from a base index of 131.5 in the first quarter of 2020 to 200.9 by the start of 2025. This steep climb in prices is posing a significant challenge for many Singaporeans who wish to own their homes, impacting their dreams and aspirations for housing in the city-state.
The escalating costs are making Singapore, in some ways, feel less like home for those who’ve yet to secure a property. Though the government offers alternatives like the BTO and Balance of Sales programs, the demand far exceeds supply. Personally, I’ve faced my fair share of disappointment, receiving more rejection letters from the HDB than from potential romantic interests—if you can believe that!
So, what’s driving these prices to such unaffordable heights? From where I stand, the influx of foreign residents, who often have the means to pay high rental prices, plays a significant role. This influx turns HDB resale flats into attractive investment vehicles for rental income, fueling an ever-increasing demand.
