The growth in residential listings under mortgagee sale was due to added pressures on owners that were overly exposed in the middle of increased volatility in the financial markets.
The number of residential listings under mortgagee sale grew in Q3 2019 by 14.4% quarter-on-quarter (QoQ) to 103 listings, making it the sixth straight quarterly increase since Q2 2018, reported Singapore Business Review citing Knight Frank.
On a yearly basis, residential listings under mortgagee sales increased by 77.6% year-on-year (YoY).
The growth in residential listings under mortgagee sale was due to added pressures on owners that were overly exposed in the middle of increased volatility in the financial markets and retrenchments in industries that are restructuring.
The 3M-SIBOR rate in Q3 2019 declined for the first time since Q1 2018, decreasing to 1.877% in September 2019 from 2.002% in June 2019.
“Given that the impact of interest rate on number of mortgagee sale listings is lagged, it is too early to determine whether the lower interest rate will provide a reprieve for homeowners,” Knight Frank said in a report.
Looking for a property in Singapore? Visit PropertyGuru’s Listings, Project Reviews and Guides.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org