Foreign Property News | Posted by Shwe Zin Win
Auction sales slumped 46.5% to $55.3m in 2018.
Despite this, buyers are more discerning and cautious after the cooling measures, and they will likely seek auctions for good buys in the market, said Sharon Lee, senior director and head of auction at Knight Frank.
The overall value of properties successfully auctioned off in Singapore sharply declined by 46.5 percent year-on-year to $55.3 million in 2018, according to a new report from Knight Frank.
As for the number, a total of 34 properties were auctioned off in 2018 compared to 44 during 2017. Residential properties accounted for 83.6 percent or $45.27 million of successful auction sales.
The lower sales occurred even though the number of auction listings (excluding properties sold before and after auctions) jumped 47.4 percent to 1,120 on an annual basis.
In particular, the number of auction listings placed by mortgagees (lenders or banks) increased by 17.4 percent year-on-year to 391, of which 219 comprise residential properties.
“We foresee more repossessed properties to come into the market in 2019. The increase could range between 5.0 to 10 percent year-on-year.” JLL’s head of auction and sales, Mok Sze Sze.
Ref: Property Report
