Singapore climbs to 6th place in the global resilient index
SINGAPORE has moved up six spots to be the sixth-strongest city worldwide, climbing from the 12th spot in 2021.
This is according to real property consultancy Savills”global index” tracking the resilientness of 490 cities around the globe.
New York claimed the top position for the second time in consecutive years.
Then came Tokyo, London, Seoul and Los Angeles.
Rents for prime residential properties increased by a substantial 42 percent between 2021-2023 in a city that was “recording fresh outflows of residents to net inflows.
Meanwhile, real estate investment volumes remained stable. This is not a small achievement considering the global economic slowdown and wider uncertainty. Singapore’s future is also in good hands thanks to a competitive tech scene.
For example, venture capital investment increased from US$8.2 billion in 2021 to US$9.4 billion by 2023, despite a general reduction in volume.
Singapore’s rank is expected to improve in the coming decade.
The Urban Redevelopment Authority Master Plan 2025 has urban resilience as one of its main subjects.
The Resilient Cities Index released on the 25th of March (Mar 25) is a measure of the resilience of a town based on its ability to enhance the health and prosperity of its inhabitants and workers against the backdrop of social, economic technological, environmental and other changes.
These cities are appealing to both investors and occupants.
Four key areas were studied namely the strength of the economy of cities, their knowledge economy and technologies Environmental and Social Governance (ESG) as well as the real estate sector.
For Singapore the influx of people choosing to reside and work in the city helped its climb.
As buyers and sellers return in the city, the state will witness an increase in investment opportunities until 2024.
It is expected that activity will be seen across the majority of categories of investments, with Singapore’s safe haven status, stability in politics and resilient economy attracting more investor interest.
There’s a clear correlation between the economic fundamentals of the city and its ability to withstand. Real real estate investors, on other hand, continue to focus their efforts on larger cities, especially those with a broad and deep economic base.
The cities in question are likely to see an inflection during the coming year as the funding environment improves and investment in real estate are expected to increase, according to Savills. But, with the effects of climate change as well as other ESG factors advancing the agenda, growth in economics at the expense of all other aspects is being challenged more and more.
