Singapore is now sixth place in the global resilient cities
Resilient Cities index that was released on Monday 25 March, evaluates the well-being and resilience of a city by its ability to support its residents’ and workers’ achievement in the environment, economic, social and technological change.
This makes cities appealing to both occupants and investors.
Four key areas were studied: the economic strength of cities, their knowledge economy and technologies, environmental and social governance (ESG) as well as real estate investment.
For Singapore the influx of residents who want to work and live in Singapore has contributed to the city’s rise, according to Savills.
The prime residential rents increased by 42 per cent between 2021 and 2023 when the city changed from “recording fresh outflows of people to net inflows.
Meanwhile, real estate investment volumes remained stable. This is no small achievement considering the global economic downturn and uncertainty. Singapore’s future also is well-positioned due to its thriving technology scene.
SINGAPORE has increased six spots to be the sixth-strongest city in the world, up from the 12th spot in 2021.
In accordance with the annual global index of real estate consultancy Savills which measures the resilience of 490 cities across the globe.
New York topped the list for the second time consecutively.
It was followed by Tokyo, London, Seoul and Los Angeles.
Venture capital investment, as an example, has increased from $8,000 billion in 2020 to US$9,4 billion by 2030 despite a worldwide decrease in the volume.
Singapore’s rankings will continue to improve in the coming decade.
The Urban Redevelopment Authority Master Plan 2025 has urban resilience as one of its key themes.
The city-state is expected to see a higher volume of investment transactions in 2024, as buyers and sellers are back on the market
Singapore’s stable political system, safe-haven status and resilient economy are likely to draw more investor interest.
There is a strong correlation between the fundamentals of economics and the resilience of cities. In turn, real property investors continue to concentrate on cities that are larger, specifically cities with a strong and broad economic base.
Savills predicts that these cities will see a change in the next year, as the financing conditions improve and real estate investment volume begins to recover. Climate change and ESG factors are now a major concern, which has a negative impact on the economic growth.
