According to the latest annual "Resilient Cities Index" released by Savills, Singapore has risen to be the sixth most resilient city globally, up by six places from its previous ranking.
The index studies the performance of 490 cities around the world in areas such as economic strength, knowledge economy and technology, environment, social and governance (ESG), and real estate investment. New York, Tokyo, London, Seoul, and Los Angeles are ranked in the top five, respectively.
Notably, due to the severe real estate market situation, the overall dominant position of American cities in the ranking has weakened compared to 2021. Last time, 12 of the top 20 most resilient cities were American cities, but now there are only seven.
Meanwhile, the rankings of Asian and European cities have risen, with Tokyo up three places, Paris up four places, and Seoul up two places.
In Singapore, more and more talents choose to work and live in the city, contributing to its rise in ranking. At the same time, amid increasing global economic uncertainty and slowing growth, Singapore's real estate investment volume remains stable, and its competitive technology sector puts Singapore in a favorable position for the future.
Ming Zhang, head of research at Savills, believes that Singapore's ranking will further improve in the next 10 years. He attributed this to the Urban Redevelopment Authority's 2025 master plan, which includes city resilience as one of its four main themes.
Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, said: "With buyers and sellers returning to the market, we may see more investment transactions this year. Singapore's safe haven status, political stability, and economic recovery are attracting more investor interest, and most asset classes are expected to become active."
Savills pointed out that overall, there is still a strong correlation between economic fundamentals and city resilience. Real estate investors will continue to focus on larger cities, especially those with deep and broad economic foundations. With the improvement in the financing environment and a rebound in real estate investment, the development of cities may turn around this year. However, as climate change and other ESG factors receive more attention, economic growth at the expense of everything else is increasingly being challenged.
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