Singapore Real Estate Market Size (2024 - 2029)

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.