Singapore Job Market Shows Opportunities Amid Cooling Trends

Singapore's job market is currently experiencing a dichotomy of opportunity and uncertainty. According to the Ministry of Manpower's (MOM) Q1 2025 report, there are approximately 45,300 Professional, Managerial, Executive, and Technical (PMET) vacancies, offering a median monthly salary of S$7,300. This indicates a robust demand in sectors like information technology, finance, and healthcare. However, economists express concerns over a potential cooling in the job market as hiring rates decline and resignation rates fall, suggesting a cautious approach from both employers and employees.

The report highlights that while the job-to-unemployed ratio remains favorable, a decrease in hiring and resignation rates has emerged, with hiring dropping to 1.8% and quitting rates down to 1.2%. These figures are significantly below pre-pandemic norms and mirror patterns observed prior to previous economic downturns, such as the 1997 Asian Financial Crisis. Dr. Emily Tan, an economist at the National University of Singapore, noted, "The current trends in hiring activity may indicate a shift in employer sentiment, leading to a more cautious labor market."

In parallel, Singapore's housing market is also exhibiting signs of cooling. HDB (Housing and Development Board) resale prices rose by a mere 0.9% in Q2 2025, marking the slowest growth rate since 2020. Private home prices saw a slight increase of 0.5%. Analysts attribute this slowdown to a combination of increased supply and cautious buyer sentiment, with resale volumes dipping by 5% year-on-year. According to the Urban Redevelopment Authority (URA), private home sales plummeted by 40% from the previous quarter, as developers postponed launches.

With nearly 8,500 new flats and close to 10,000 private units set to enter the market in 2025, supply is beginning to catch up to demand. Housing analyst Dr. Albert Wong from the Singapore Institute of Surveyors and Valuers stated, "The increasing supply combined with subdued buyer enthusiasm suggests that price growth in the housing market will likely remain modest over the coming months."

Despite these trends, experts remain optimistic about the long-term outlook for both the job and housing markets. The MOM report indicates that demand for skilled labor, particularly in technology and healthcare, is expected to persist. However, potential job seekers are advised to remain vigilant, as economic conditions may evolve rapidly.

In conclusion, Singapore's job market presents a unique landscape characterized by high vacancy rates and competitive salaries, juxtaposed against signs of a cooling economy. Similarly, the housing market demonstrates a shift towards balance, offering buyers more options while signaling a need for sellers to adjust their expectations. As both markets navigate these changes, stakeholders will need to stay informed and adaptable to ensure sustained growth and stability.