Value Of Properties Sold Through Auctions Plumbs 10-Year Low

Source : The Business Times, December 18, 2008

The Singapore property auction market witnessed a 10-year low in the total value of properties sold in year 2008. Only S$83.67 million worth of properties were sold via auction this year, according to figures from Colliers International.

'Not only does this represent an approximate 79 per cent decline from the total sale value of S$407.43 million registered in 2007, it is also 38 per cent lower than S$135.7 million recorded during the last financial crisis in 1998,' Colliers said in a news release on Thursday.

All property sectors experienced a decline in their total sales value at auctions in 2008, with the residential sector registering the biggest drop of 88 per cent to $25.23 million from $202.36 million in 2007.