Mortgagee listings for residential and industrial properties build up in Q2 as bankruptcies rise
The trend comes from homeowners being bitten by the ‘higher-for-longer’ interest rates of the last two years, and business owners’ failing to keep their businesses going
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MORE residential and industrial properties in Singapore were put up for mortgagee sales in the second quarter of 2024, as homeowners and businesses in Singapore continued to bear the brunt of high interest rates and a tough business climate.
Property consultancy Knight Frank expects more distress sales to surface in the remaining six months of the year.
Data from the Ministry of Law showed that a total of 1,209 applicants filed for bankruptcy in Q2 2024, up 7.5 per cent from Q1, and up 32.6 per cent from the year before, noted Knight Frank in a report released on Monday (Jul 29).
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