Singapore home auctions by banks likely to rise in 2023

ERA Realty Network head of research and consultancy Nicholas Mak says there is a higher probability of more mortgagee sales this year should Singapore see a combination of rising unemployment, economic recession, high interest rates and falling rental demand. — Bloomberg

SINGAPORE: More private residences are expected to be put up for auction by banks and distressed owners this year should the economy slow further and higher mortgage rates start to hurt more homeowners, say property experts.

ERA Realty Network head of research and consultancy Nicholas Mak told The Straits Times that there is a higher probability of more mortgagee sales this year should Singapore see a combination of rising unemployment, economic recession, high interest rates and falling rental demand.