Spore rises to 6th place in the world resilient cities Index
SINGAPORE has moved up six spots to be the sixth-strongest city in the world, moving up from the 12th spot in 2021.
Based on the annual index for global cities by real estate firm Savills that tracks the resilience of 490 cities across the globe.
New York topped the list for the second time for a row.
Tokyo, London Seoul and Los Angeles followed.
Index of Resilient Cities released on Monday, 25 March, evaluates the well-being and resilience of a city based on its capacity to ensure its citizens’ and workers’ achievement in the environment, economic technological, social and political change.
These cities are appealing for both investors and residents.
Four major areas were examined namely the strength of the economy of cities, their technological and knowledge economy as well as environmental and social governance (ESG) and real estate investment.
The influx of people choosing to work and live in Singapore contributed to Singapore’s growth.
The rents for residential homes in the prime area rose by 42 percent between 2021 and 2023 when the city changed from registering new outflows to net inflows.
Meanwhile, real estate investment volumes remained stable. This is a remarkable achievement in the midst of global economic downturn and uncertainty. Singapore’s future is also in good hands due to its thriving technology scene.
Venture capital investment, as an instance, grew from $8,2 billion in 2020 to US$9 billion by 2030 despite a worldwide decrease in the volume.
Singapore’s position is expected to rise in the coming decade.
The Urban Redevelopment Authority Master Plan 2025 incorporates urban resilience as one of its main topics.
When sellers and buyers return to the city-state, it is likely that they will witness more investment transactions in 2024.
Singapore’s stability in the political arena, its the status of a safe-haven and a robust economy are likely to draw more investors.There’s a clear connection between the economic foundations of cities and their resilience. Real property investors, on the contrary, continue to focus their efforts on cities that are larger particularly those that have an extensive and substantial economic base.
Savills believes that the cities of these regions will experience changes in the coming year, as the financing conditions improve and the real estate investment market is beginning to rebound. Climate changes and ESG issues are now an issue that has a negative impact on the growth of economic activity.
