The famous Knight Frank, a Global Real Estate Consultants divulged the 449 real estate properties were under pressure during its first half of 2018, reaching to as high as 23.4 per cent in the same period the previous year, and 11.2 per cent nearly $39.6 million dropped in sales value, the prestigious entity reported.
Although there is an increase in the figure of properties placed for an auction in the first six months of 2018, transaction value dropped down because of big-ticket landed flats absence.
The property research and consultancy shared that residential property controlled and dominated the auction listings, which includes the 157 mortgagee listing, a decrease from 159 recorded of 2H 201.
Knight Frank said, “the pipeline over mortgagee listings sustained while some real estate property holders were able to market their units before being affected by the foreclosure.”
The number of main residential properties brought to auction stayed gloomy in 1H 2018, perhaps due to wealth from en bloc sales and the rising interest of foreigners signifies that few properties only are to be auctioned.
Meanwhile, the Changi and Loyang areas of District 17, experienced a remarkable increase of interest, having 23 residential auction listing of 1H 2018, which means the highest hit since 2011.
With a zero big ticket unit sold, residential properties being sold during auction reached an average of at least $2 million previous years.
Going forward, Knight Frank expects the year 2018 auction listing to have more on residential flats as homeowners experienced bit difficult to sell their units because of the controversial cooling measures.
It was further explained that the figure for mortgagee listings would somehow be sustained despite the big interest rates while the increase is not abrupt and what is good is that the rental market manifested some improvements.
But taking consideration of the current cooling measures, Knight Frank hopes that buyers would be more price -sensitive.