Singapore the clear winner as Southeast Asia’s property markets look to emerge from Covid-19 slump

Name: Amid spike in Covid-19, Singapore expects Omicron wave to outpace Delta coronavirus variant
Uploaded: 2022-02-01T05:00:21.000Z
Duration: 1 min 28 s
Description: Amid spike in Covid-19, Singapore expects Omicron wave to outpace Delta coronavirus variant

The city state’s home prices climbed 10.6 per cent in 2021, while CBRE forecasts office leases may rise 10 per cent this year

Vietnam is also expected to do better than most other major economies in the region

Reading Time:2 minutes

Why you can trust SCMP

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. Photo: Bloomberg

Cheryl Arcibal

Published: 1:00pm, 1 Feb 2022Updated: 1:07pm, 1 Feb 2022

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.

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

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.

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.