Singapore’s property market set to escape covid slump before regional peers

Singapore’s property market is likely to emerge faster than its Southeast Asian peers from the slump induced by Covid-19 as the region races to vaccinate its population, according to

analysts. Advertisement Vietnam is also expected to do better than most other major economies in the region. Although challenges are unlikely to go away any time soon, the region as a whole

has some upside this year, with economic recovery expected to be more evident in the second half, according to Knight Frank. “Long seen as a safe haven, Singapore’s properties have remained

resilient through the pandemic with prices rising 13 per cent on average over the last two years to outperform the rest of the region,” said Christine Li, head of research for Asia-Pacific

at the property consultancy. 01:28 Amid spike in Covid-19, Singapore expects Omicron wave to outpace Delta coronavirus variant Amid spike in Covid-19, Singapore expects Omicron wave to

outpace Delta coronavirus variant Singapore saw private home prices climb for a seventh consecutive quarter in the October to December period, according to government data. The 5 per cent

rise was the steepest rate of quarterly growth since the second quarter of 2010, according to PropNex Realty, a listed property agency in the city state. For the full-year, private home

prices rose by 10.6 per cent, the most since 2010. Advertisement Office space in the financial hub is also likely to lead the rest of the region, with lease prices set to increase by 10 per

cent this year, according to CBRE.