blogs / 23 MAR 2022
Singapore Market Watch 2022: Updated with Latest Immigration Guidelines as of 1 April
Our latest edition of Singapore Market Watch is now available. It explores the current trends in the residential rental and sales markets, with focus on the impact of a prolonged pandemic, and the current imbalance between high demand and low availability. The Market Watch also includes new immigration rules and travel protocols for assignees preparing to relocate to Singapore.
Economic Outlook
Despite the health, social and economic challenges brought about by the global pandemic, Singapore remains the regional financial hub for the Asia Pacific region (APAC). The continued presence of global leading industries in Singapore, including Consumer Business, Electronics, Energy & Chemicals, Information & Communications Technology, Oil & Gas Equipment Services, Precision Engineering, maintains its position as one of the world’s most progressive and competitive economies.
Vaccinated Travel Framework for Inbound Travellers
Inbound travellers including expatriates and their dependants can enter Singapore via the Vaccinated Travel Framework where travel requirements are now determined based on traveller’s country classification and COVID-19 vaccination status.
Singapore Property Market
As Singapore has transitioned to the “COVID-19 resilience phase,” we are seeing an influx of expatriates and an increase in demand for rentals. Coupled with delays in local building construction due to COVID-19 restrictions and residents who were not able to relocate as planned and continue to stay in Singapore, the housing market has become increasingly competitive.
Assignees should consider the following when searching for a rental property:
The competitive and fast-moving rental market means that many properties have multiple offers, and property owners will typically choose the offer with the highest bid.
There is a significant shortage of supply for rental houses, so criteria should remain flexible.
Offers should be made as early as on the same day of viewing.
Rental prices are increasing by up to 10% year-on-year, due to high demand and low supply.
In-person pre-inspections are now allowed with relaxed regulations of up to ten per gathering.
The high demand and rising rentals are expected to continue throughout 2022 and potentially into 2023, posing challenges in finding suitable properties. We recommend assignees to stay in close contact with their destination services provider for the latest market trends and house-viewing regulations.
Should you have any queries relating to this or any other aspect of your mobility programme, please do not hesitate to contact your Cartus representative or email cartussolutionsAPAC@cartus.com.
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Kathleen Dolio
