For many Singaporeans, the first step in the homeownership journey is buying a build-to-order (BTO) flat from the Housing and Development Board (HDB). BTO flats are sold at subsidised prices, and many BTO flat buyers receive housing grants.

Subject to meeting eligibility criteria, one can get a grant when buying a resale HDB flat. But, resale flat prices are largely determined by market forces. When demand exceeds supply, prices rise strongly.

The HDB resale price index jumped 10.4 per cent in 2022, after rising 12.7 per cent in 2021. In the second quarter, the index rose 1.5 per cent quarter-on-quarter. Between the fourth quarter of 2019 and Q2 2023, the HDB resale price index increased 34 per cent.