Singapore Real Estate Market Size and Outlook Report 2032

Singapore Real Estate Market Report by Property (Residential, Commercial, Industrial, Land), Business (Sales, Rental), Mode (Online, Offline), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112025A23732

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Singapore Real Estate Market Overview:

The Singapore real estate market size reached US$ 31.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 53.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6.20% during 2024-2032. The market is expanding due to the thriving tourism and hospitality sector, growth of GDP, economic stability, governing policies supporting real estate sector, rising infrastructure development, and ongoing advancements in technology.

Report Attribute	Key Statistics
Base Year	2023
Forecast Years	2024-2032
Historical Years	2018-2023
Market Size in 2023	US$ 31.3 Billion
Market Forecast in 2032	US$ 53.8 Billion
Market Growth Rate (2024-2032)	6.20%

Singapore Real Estate Market Trends:

Thriving Tourism and Hospitality Sector

As per an article published in 2024 on the official website of the Ministry of Education Singapore, the tourism and hospitality sector contribute 3-4% of Singapore’s annual gross domestic product (GDP). The influx of tourists and business travelers is contributing to the demand for hotel accommodations. As number of tourists are rising, there is a corresponding need for more hotel rooms and hospitality services. This demand is driving investments in hotel properties, including new developments and renovations of existing establishments. Investors are seeking opportunities to capitalize on the growing tourism sector by investing in hotel real estate. Additionally, tourists often engage in shopping, dining, and entertainment activities during their stay in Singapore. As a result, retail and entertainment establishments in tourist hotspots experience increasing foot traffic and individual spending. Property developers can capitalize on this demand by developing mixed-use developments that incorporate retail, dining, and entertainment offerings to cater to tourists and locals.

Besides this, there are other types of retail stores, including souvenir shops, duty-free shops, and specialty shops that are prevalent in tourist-endearing places. These retail segments are targeted by property owners and developers to capture tourists’ spending and improve visitors’ experience.

Growth of Gross Domestic Product (GDP) at the Official Exchange Rate

An article published in 2024 on the website of the Central Intelligence Agency (CIA), the GDP at official exchange rate was $466.788 billion in 2022. A growing GDP typically correlates with economic expansion, leading to increased business activity, job creation, and income levels. As individuals and businesses experience higher incomes and greater confidence in the economy, they are more likely to invest in real estate, either for personal use or as part of their investment portfolio. Furthermore, a robust GDP growth rate can attract foreign investors seeking opportunities in a thriving economy. Singapore's status as a global financial hub makes it particularly attractive for foreign investors looking to diversify their portfolios or capitalize on growth opportunities. This influx of foreign investment is driving the demand for commercial and residential properties, leading to price appreciation.

In addition, the growing GDP helps businesses extend their activities and, consequently, require more office space, shopping centers, and production premises. This is pushing up rents and property prices particularly in central business locations and enhancing returns on investment for owners of commerce buildings. High economic growth rate enhances people’s confidence making individuals and families to invest in properties or upgrade to bigger houses. This is catalyzing the demand for residential real estate, leading to higher home prices and sales volumes.

Singapore Real Estate Market News:

May 30, 2024: Singapore-based Xander Group with the Government of Singapore Investment Corporation (GIC) acquired Waverock IT SEZ in Hyderabad for Rs 2,200 crore.
June 5, 2024: Rajah & Tann Singapore represented the owners in the S$439 million ($326 million) collective sale via public tender of Delfi Orchard at 402 Orchard Road to CDL Draco, a subsidiary of City Developments Limited (CDL).

Singapore Real Estate Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on property, business, and mode.

Property Insights:

Residential
Commercial
Industrial
Land

The report has provided a detailed breakup and analysis of the market based on the property. This includes residential, commercial, industrial, and land.

Business Insights:

Sales
Rental

A detailed breakup and analysis of the market based on the business have also been provided in the report. This includes sales and rental.

Mode Insights:

Online
Offline

The report has provided a detailed breakup and analysis of the market based on the mode. This includes online and offline.

Regional Insights:

North-East
Central
West
East
North

The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Singapore Real Estate Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Property Business Mode Region
Properties Covered	Residential, Commercial, Industrial, Land
Businesses Covered	Sales, Rental
Modes Covered	Online, Offline
Regions Covered	North-East, Central, West, East, North
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the Singapore real estate market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Singapore real estate market?
What is the breakup of the Singapore real estate market on the basis of property?
What is the breakup of the Singapore real estate market on the basis of business?
What is the breakup of the Singapore real estate market on the basis of mode?
What are the various stages in the value chain of the Singapore real estate market?
What are the key driving factors and challenges in the Singapore real estate?
What is the structure of the Singapore real estate market and who are the key players?
What is the degree of competition in the Singapore real estate market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore real estate market from 2018-2032.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore real estate market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore real estate industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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