Amid soaring housing costs, property investors expect continued growth in the co-living market, according to a recent poll by the National University of Singapore.
Co-living in Singapore is only going to grow more popular amid inflation and rising property prices. A Q4 2022 survey by National University of Singapore Real Estate (NUS+RE) found that more than half of the respondents believe that co-living will become a permanent feature in Singapore’s property market.
NUS+RE, which represents the Institute of Real Estate and Urban Studies and the Department of Real Estate at NUS, polled the nation’s real estate sector – including developers – on the future of the co-living market here.
The report found that demand for co-living spaces remained robust in 2022 amid a tight housing market exacerbated by pandemic-induced construction delays, rising rental prices, as well as lower purchasing power due to inflation and property cooling measures.
These have pushed more people – including homeowners facing delays to their new flats and expatriates returning amid easing of travel restrictions – to consider co-living as a viable option.
Carving Out a New Market
The rising popularity of co-living could mark the start of a third market in Singapore, beyond the traditional rental and sales markets, said Professor Sing Tien Foo, the Provost’s Chair Professor at NUS’ Department of Real Estate.
Many of these co-living spaces are not only more competitively priced than other options such as traditional rental homes, but they also offer residents a community lifestyle, he said.
Perks of Co-living
There are other reasons co-living is quickly gaining popularity.
Increasingly, millennials have been driving co-living trends in the country for reasons including seeking independent living or a change of pace and environment.
Many young professionals and digital nomads have also found co-living to be an ideal alternative living solution: it offers both affordability and lease flexibility, along with comprehensive amenities and facilities. Above all, being part of the community is a major draw.
But co-living isn’t just for the young. It can work for anyone – be it a work-from-home parent or a working professional keen on expanding social networks.
Besides co-living options that include shared apartments and private rooms, there are also plenty of communal spaces and community events where residents can mingle.
Check out our co-living options, including the new hovoh at Bugis Street – which recently bagged the Best Co-Living Space Award under the Design category at the 12th annual PropertyGuru Asia Property Awards.