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Singapore Real Estate Market Size (2024 - 2029)

The Singapore residential real estate market is experiencing a period of stabilization, with a notable shift in demand dynamics. The market size is influenced by various factors, including the development of affordable housing projects and the increasing demand for logistics and industrial real estate. The rental market, particularly in the private housing sector, is expected to cool down. In the office sector, there is a trend of occupiers seeking locations outside the city center to attract talent, while large technology firms are anticipated to boost demand for office and co-working spaces as Singapore solidifies its position as a technology hub. Additionally, initiatives like the Singapore Tourism Board's BOOST program aim to enhance the hospitality sector, further impacting the market landscape.

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Market Size of Singapore Real Estate Industry

Singapore Real Estate Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 46.58 Billion
Market Size (2029) USD 64.04 Billion
CAGR (2024 - 2029) 6.57 %
Market Concentration Low

Major Players

Singapore Real Estate Market Major Players

*Disclaimer: Major Players sorted in no particular order

Singapore Real Estate Market Analysis

The Singapore Real Estate Market size is estimated at USD 46.58 billion in 2024, and is expected to reach USD 64.04 billion by 2029, growing at a CAGR of 6.57% during the forecast period (2024-2029).

Affordable housing projects and the demand for logistics and industrial real estate are driving the real estate market in Singapore.

  • Singapore's residential property market shows signs of further stabilization, with a drop in demand in real estate markets. In the same way, the rental market is likely to cool, especially in the private housing sector.
  • In the office sector, more occupiers have been eyeing locations farther away from the city center to woo talent. In contrast, others rejig their real estate footprint to enable employees to work in less dense spaces. Large technology firms in Singapore are further set to drive office demand and co-working spaces shortly as Singapore emerges as a technology hub.
  • The Singapore Tourism Board (STB) launched BOOST (Building On Opportunities to Strengthen Tourism) in the hospitality industry. It is a USD 90 million initiative to attract and increase the number of tourists. Business travel, meetings, incentive travel, conventions, and exhibitions (BTMCE) are some of the significant sources of revenue for the hotel real estate industry in the country.
  • After chalking up increases of 7.2% in the first quarter of 2023 and 2.8% in the second quarter of 2023, the URA rental index for private dwellings increased by 0.8% in Q3 2023. This resulted in an 11.1% increase over the past nine months of the year. The leasing market has been normalized, with 15,883 private homes and 1,316 executive condominiums between January and September 2023, representing a total of 17,199 ready new homes.

Singapore Real Estate Industry Segmentation

The real estate market refers to the sales of real estate services by entities (organizations, sole traders, and partnerships) that rent, lease, and allow the use of buildings and/or land. A complete background analysis of the real estate market in Singapore, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is included in the report.

The Singaporean real estate market is segmented by type (apartments, condominiums, villas, and others) and value (premium, luxury, and affordable). The report offers market size and forecasts in values (USD) for all the above segments.

By Type
Apartment
Condominiums
Villas
Other Types
By Value
Premium
Luxury
Affordable
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Singapore Real Estate Market Size Summary

The Singapore residential real estate market is experiencing a phase of stabilization, with a notable shift in demand dynamics. The market is driven by affordable housing projects and a growing interest in logistics and industrial real estate. Despite a cooling rental market, particularly in the private housing sector, the demand for office spaces is evolving. Companies are increasingly seeking locations outside the city center to attract talent and create less dense work environments. The rise of Singapore as a technology hub is further propelling demand for office and co-working spaces, particularly by large tech firms. The hospitality sector is also seeing initiatives like the Singapore Tourism Board's BOOST program, aimed at enhancing tourism and business travel, which are significant revenue sources for the hotel real estate industry.

The property market in Singapore has shown resilience, with private house prices continuing to rise despite global economic challenges. This upward trend has led to increased property prices for twelve consecutive quarters, prompting authorities to implement measures such as levies on foreign buyers to moderate the market. The demand for housing remains robust, with developers actively seeking attractive sites for new projects. Government Land Sales have played a crucial role in boosting real estate investments, with significant transactions and developments underway. The market is characterized by a competitive landscape with major domestic players and foreign investors, all vying for prime locations and opportunities in a market that offers promising prospects for growth and development.

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Singapore Real Estate Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Current Market Scenario

    2. 1.2 Real Estate Buying Trends - Socioeconomic and Demographic Insights

    3. 1.3 Government Initiatives and Regulatory Aspects

    4. 1.4 Insights into the Size of Real Estate Lending and Loan-to-Value Trends

    5. 1.5 Insights into the Interest Rate Regime for General Economy and Real Estate Lending

    6. 1.6 Insights into Rental Yields in the Residential Real Estate Segment

    7. 1.7 Insights into Affordable Housing Support Provided by Government and Public-Private Partnerships

    8. 1.8 Insights into Real Estate Tech and Startups Active in the real estate segment (Broking, Social Media, Facility Management, and Property Management)

    9. 1.9 Impact of COVID-19 on the Real Estate Market in Singapore

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Apartment

      2. 2.1.2 Condominiums

      3. 2.1.3 Villas

      4. 2.1.4 Other Types

    2. 2.2 By Value

      1. 2.2.1 Premium

      2. 2.2.2 Luxury

      3. 2.2.3 Affordable

Singapore Real Estate Market Size FAQs

The Singapore Real Estate Market size is expected to reach USD 46.58 billion in 2024 and grow at a CAGR of 6.57% to reach USD 64.04 billion by 2029.

In 2024, the Singapore Real Estate Market size is expected to reach USD 46.58 billion.

Singapore Real Estate Market Report Snapshots

Singapore Residential Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)