Ten-fold rise in default auctions in 2014 confirms anemic property market
Amid government measures to curb lending.
Price gains worked their way up in 5 years, only to tumble afterwards.
According to a report by Bloomberg, values are falling and defaults are rising following government measures to curb lending and a decline in the number of foreign buyers.
Bloomberg says banks auctioned 118 repossessed homes last year, about 10 times the number in 2013, said Mok Sze Sze, head of Singapore auctions at broker Jones Lang LaSalle Inc.
View the full report here.