Auction Properties On The Rise

KUALA LUMPUR: Year 2014 is proving to be antagonising for avid property market watchers who are still uncertain about the stability of the industry after the announcement of certain new rulings in Budget 2014. Plenty has been discussed in the last couple of months on the fate of primary and subsale properties this coming few years. However, there is a lack of discourse on the future of auction properties.

Auction properties are the consequences of non-performing loans by purchasers when the principal and interest are six months or more in arrears. The financial institutions are holding the purchased properties as collaterals, and would take over the units for auctioning after the buyers' failure of making consecutive monthly payments.