Online property auctions: a new norm for transactions?
Bidding model can be replicated online, with benefits such as transparency, convenience.
THE e-commerce market in Singapore is growing fast. According to Statista Portal, Singapore's e-commerce revenue will total US$3.74 billion by end-2018, and with an expected annual growth rate of 10.1 per cent, is likely to result in a market volume of US$5.5 billion by 2022. To date, electronics and media form the largest share of the e-commerce pie.
Unsurprisingly, online transactions of a large asset class like real estate have yet to pick up pace in Singapore.
While many Singaporean buyers may be concerned with transacting big-ticket items online, the modes via which properties can be transacted are likely to evolve, as technology plays a growing role in businesses.
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