Singapore move to 6th place in Global Resilient Cities Index

Singapore rose six places from the 12th to the 6th most resilient city of the world.

The annual Savills global index, which measures the resilience of 490 major cities worldwide, has revealed this.

New York has topped the rankings for the second consecutive year.

Tokyo, London Seoul, and Los Angeles were the next cities.

The Resilient cities Index, published Monday (Mar 25), measures resilience of a town based on their ability to support well-being and the success of residents and workers in the face of economic and social change, as well as environmental and technological change.

This makes the cities appealing for investors and residents, according to property analyst.

Four areas were considered: the city’s strength in economics, its knowledge-based economy and technology, environmental, social and corporate (ESG), and real estate investment.

Savills stated that Singapore’s growth was aided by the increasing number of people living and working in the city.

Rents for prime residential properties rose by 42 per cent from 2021 to 2023. This was due to the fact that the city had a shift in its population patterns, moving away from net outflows and towards net inflows.

Meanwhile, real estate investment volumes remained stable. This is no small feat, according to a researcher. Singapore is well-positioned for the future thanks to a competitive technology scene.

In spite of a worldwide decline in volumes, the amount invested in venture capital grew from US$8.2 Billion in 2021, to US$9.4 Billion in 2023.

Property consultancies expect Singapore to continue improving in the rankings over the next decade.

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Urban resilience is one of the key themes in the Urban Redevelopment Authority Master Plan for 2025.

Experts say the city-state will likely see an increase in investment deals by 2024, as buyers and vendors return to market.

Experts believe that activity will be expected in most asset classes as Singapore’s political stability, safe-haven status and resilient economy attracts more investor interest.

Overall, analysts of real estate noted that there was a strong correlation in the resilience and economic fundamentals between cities. Investors continue to concentrate on large cities with broad and deep economies.

As funding conditions improve, and as real estate investment volume begins to recover, we can expect to see a shift in these cities in the next year.

As the importance of ESG and climate change factors rises, the economic growth of all other things is challenged.