How does the Singapore market look in 2023
The property market in Singapore is looking up for 2023, but it's expected to grow at a slower rate due to economic uncertainty and rising borrowing costs. Despite a dip in demand, rent prices are likely to go up due to limited supply and low vacancy rates, giving landlords the upper hand. The Singapore economy is still stable, with low unemployment rates, which is good news for the property market as it means people will continue to have stable incomes and spending power. The office market is forecasted to have a slower rate of leasing and rental growth, but demand for high-grade offices in the CBD area is expected to remain strong. There's also concern over the growing amount of "shadow space" in the market, which refers to space that's not officially on the market. The industrial market is expected to see growth while the retail market is expected to see moderate growth. The hotel market, however, is expected to recover slowly as international travel remains restricted. As a property investor or owner, it's important to stay informed about these trends and make strategic decisions for your investments.