SINGAPORE: Singapore ranked 26th among the most valuable residential real estate markets in 2024, four spots higher than in 2019, despite being 109th in the world by population, according to Savills World Research.
The recently published report stated that price growth, along with new housing developments, has helped expand Singapore’s stock and market value.
According to Singapore Business Review, Savills World Research head Paul Tostevin said that while a rise in total residential value reflects economic growth and market expansion, it “can also signal squeezed housing affordability.”
China remained the world’s most valuable residential market, making up 26% of total global residential value. The United States came in second, contributing 18%, with a 5.1% increase in 2024 driven by rising house prices and new developments. Together, the two markets accounted for 44% of the world’s total residential value.
Japan (6%), Germany (5%), the United Kingdom (4%), France (3%), Canada (3%), Australia (2%), South Korea (2%), and Italy (2%) followed.
The top ten markets account for 71% of global residential value.
The report also highlighted the uneven spread of residential wealth around the world. Europe holds about 25% of global residential value, despite having only 10% of the world’s population. North America, home to just 6% of the population, holds 22% of the total. Meanwhile, Africa and Asia—where most of the world’s people live—own only a small share of global residential wealth.
“This disparity highlights potential for future value growth in heavily populated nations with fast-growing economies,” it noted.
In Southeast Asia, Vietnam also moved up from 25th in 2019 to 22nd in 2024. The report noted this was driven by population growth, rising prices, and housing and land reforms that boosted buyer interest. New residential supply is also being added in its fast-growing economy. /TISG
Featured image by Depositphotos (for illustration purposes only)
