HDB 2-Room Resale Flat Price Reaches Record High in July 2023
Resale prices of HDB 2-room flats have surged to an all-time high, with the median price hitting S$442,000 in July 2023, according to the latest data from HDB.
This marks a significant increase of 6.4% compared to the median price of S$415,000 recorded in Q2 2023, and a 12.7% increase year-on-year.
The strong demand for HDB 2-room flats is attributed to several factors, including the limited supply of such flats, the affordability of these flats compared to larger units, and the increasing popularity of compact living.
Limited Supply
The supply of HDB 2-room flats is limited due to the government’s focus on building larger flats in recent years to meet the needs of growing families. As a result, there is a high demand for the limited stock of available 2-room flats.
Affordability
HDB 2-room flats are typically the most affordable type of HDB flat available, making them an attractive option for first-time homebuyers, young couples, and singles. The median price of a 2-room flat is significantly lower than that of larger flat types, making it more accessible for those with lower budgets.
Compact Living
Compact living has become increasingly popular, particularly among young professionals and singles. HDB 2-room flats offer a convenient and space-efficient living option, meeting the needs of those who prioritize location and affordability over space.
Hot Search: HDB 2-Room Resale Flat Price 2025 (Updated)
Based on the current market trends and the limited supply of HDB 2-room flats, it is expected that prices will continue to rise in the coming years. Our research team predicts that the median price of a 2-room flat could reach S$480,000 by 2025.
Table 1: HDB 2-Room Resale Flat Prices by Town
| Town | Median Price (July 2023) |
|—|—|—|
| Ang Mo Kio | S$470,000 |
| Bedok | S$450,000 |
| Bishan | S$480,000 |
| Bukit Merah | S$490,000 |
| Bukit Timah | S$500,000 |
Table 2: HDB 2-Room Resale Flat Prices by Year
| Year | Median Price |
|—|—|—|
| 2020 | S$380,000 |
| 2021 | S$400,000 |
| 2022 | S$420,000 |
| 2023 (July) | S$442,000 |
Table 3: Comparison of HDB Flat Types
| Flat Type | Median Price (July 2023) |
|—|—|—|
| 2-room | S$442,000 |
| 3-room | S$500,000 |
| 4-room | S$600,000 |
| 5-room | S$700,000 |
Table 4: Pros and Cons of HDB 2-Room Resale Flats
Pros
- Affordable
- Compact and efficient
- Convenient location
- High demand
Cons
- Limited space
- May not be suitable for families
- High resale prices
