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More properties may go on the block as bankruptcy petitions rise

By Chew Hui Min


The number of auction listings could increase towards the second half of the year, as banks will take several months to repossess property from owners, analysts say.

More homes in Singapore could be up for auction this year as the number of bankruptcy petitions rises, according to real estate consultancy Knight Frank.

This comes amid the higher cost of living, rising interest rates and the reduction of pandemic support measures, it said in its latest report on the auctions market on Jan 30.

Ministry of Law data shows that 3,648 people filed for bankruptcy last year, 15 per cent higher than the 3,160 applications filed in 2021.

There were 420 auction listings in 2022. This number, which includes repeat listings, could surge 40 to 50 per cent to about 600 this year, Knight Frank said in its report.




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