Feeling the Fomo in new condo market? Mind the choppy seas of higher trade tariffs

UNCERTAINTY appears to be a powerful tailwind for Singapore’s private housing market. Finance Minister Lawrence Wong, who is also prime minister, noted in his Budget 2025 speech that the US and China are locked in a fierce contest for global supremacy, with both prepared to take assertive actions to advance their own interests, even at the expense of established international norms.

Wong said to expect escalating attempts at containment and counter-containment, with ripple effects that will inevitably draw in other countries, including Singapore. Big power rivalry marked by rising trade tariffs and barriers could harm global economic growth, hurting a small and open economy such as Singapore.

As it stands, the Ministry of Trade and Industry is forecasting gross domestic product growth for Singapore of 1 to 3 per cent in 2025, down from the 4.4 per cent GDP growth achieved in 2024.