Singapore, 06 Feb 2023 “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” These words by late American motivational speaker William Arthur Ward speak to the current mood of the property market and its outlook for 2023. Some of the key trends we will see this year are those that have morphed out of behavioural changes the last two years—where buyers, sellers and markets alike have had to adjust their sails in order to move forward.
This influx of foreign professionals will lead to a buoyant rental market in Singapore. Christine Sun, senior vice-president of research and analytics at Singapore real estate firm OrangeTee & Tie, sees that as one of the biggest trends in the coming year.
She attributes the robustness of the market to more higher-income earners moving to these shores. “Singapore has launched the One (Overseas Networks and Expertise) Pass, which will see more foreigners earning a minimum $30,000 per month able to secure a five-year work pass with a provision to allow their dependants to seek employment. The rental market in the luxury segment may benefit from this change,” adds Sun.