Singapore is ranked 6th in world’s resilient cities index

Singapore moved up six notchs to become the world’s sixth-most resilient city. It was ranked 12th in 2021.

This is according the Savills annual global index which tracks the resilience of over 490 cities in the world.

New York took the top spot in the United States for the 2nd time in a line.

Tokyo, London Seoul Los Angeles and Seoul were all followed.

The Resilient Communities Index, which was published on Monday, 25th March, measures the resilience and well-being of a community based upon its ability to support residents and employees in the face economic, social, technological and environmental changes.

These cities are attractive to investors, and they also make them desirable for occupants.

Four main areas were investigated: a city’s economic strength, its technology and knowledge economy; corporate governance and environmental, social, and ethical issues; and real-estate investment.

Savills noted that Singapore’s climb was due to an influx in people who choose to live and/or work there.

Prime residential rents rose 42 per cent in the period 2021-2023. As the city began to record net inflows, it ceased recording new outflows.

Meanwhile, real estate investment volumes remained stable. The researcher says this is not an easy feat in light of the global economic slowdown, and broader uncertainty. Singapore also benefits from a competitive tech sector.

The amount of venture capital investments grew from US$8,2billion in the year 2021 to US$9.4billion in the year 2023 despite a decline in global volumes.

Property experts believe Singapore will continue to rise in the next ten years.

Urban resilience is a key theme in the Urban Redevelopment Authority Master Plan, 2025.

Property experts say that in 2024 the city state is likely to experience a greater volume of investment transactions as buyers and seller return to the marketplace.

Experts expect increased activity in all asset classes. Singapore’s stable political environment, resilient economy and safe-haven reputation will attract more investors.

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Overall, real-estate analysts found that there’s a strong relationship between the fundamentals of an economy and the resilience a city. In turn, investors in real estate continue to target larger cities with a strong and diverse economic base.

The next year will see these cities experience a significant change as the funding environment improves and real estate investments begin to recover.

However, as the impact of climate changes and other ESGs factors are rising to the top of the agenda, economic development at the cost of everything else will increasingly be challenged.