More luxury properties go under the hammer in weak market

Be on the lookout for landed homes.

Buyers with cash to spare should be on the lookout for upscale homes this year. Analysts note that more luxury homes might be sold on the auction block this year amid the weakness in the property market.

According to Knight Frank, rare properties that are hard to come by could be made available in the upcoming auctions at relatively attractive prices as the property downcycle intensifies.

“Unique properties such as landed properties in prime districts 9, 10 and 11 with tranquil surroundings may appeal to interested investors or buyers with the eye for such ‘hidden gems’,” stated Knight Frank.

Colliers added that more prime properties might be put up for auctions as they are more challenging to dispose due to the higher price quantum.

“Additionally, there could be a higher number of large apartments of more than 1,500 sq ft, especially those in central/prime locations. The pool of buyers has shrunk amid challenging market conditions and the fall in the number of foreign buyers,” noted Colliers.