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Desmond Lee flags ‘psychological factor’ contributing to higher prices in HDB resale market

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Flat buyers are anxious about resale prices trending up, while sellers' expectations are raised, he said.

National Development Minister Desmond Lee said perceptions that HDB resale prices will keep rising are making home buyers anxious to secure a flat regardless of the price.

From Aug 20, HDB has lowered the loan-to-value limit, or the maximum loan that home buyers can take from HDB to fund a new or resale flat purchase, from 80 per cent to 75 per cent. Besides cooling demand at the higher end of the resale market, Mr Lee said the psychological factor can be addressed by providing Singaporeans with an accurate perspective of the situation.

“But when they go around, people have the impression that every resale flat is a million dollars or more,” he said. ERA key executive director Eugene Lim said 539 million-dollar HDB resale flats were sold in the first seven months of 2024, compared with 82 such deals in 2020.

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