Distressed property listings jump in Q1

Strong market: A man jogs along Marina Bay East Park in Singapore. Residential mortgage listings in the city-state more than doubled to 18 from the previous quarter. — AFP

SINGAPORE: The number of mortgagee listings jumped in the first quarter of 2023, with more distress sales expected in the second half of the year as bankruptcy applications increase.

The number of bankruptcy applications rose quarter on quarter by 5.6% to 959 in the first quarter of 2023, according to data from the Ministry of Law. It is also 22.2% higher than the number of applications in the first quarter of 2022.