The value of properties that were sold at auctions this year hit its highest level in seven years.
According to property consultant Knight Frank, some S$320 million worth of properties changed hands at auctions in 2006.
This was the highest since the last market peak in 1999.All in, for the whole year, about 175 properties were sold at auctions – up from 163 in 2005.
Altogether some 1,838 properties were put up for auction – some 24 percent less compared to last year.
Knight Frank says this was due to the better performance of the economy and the real estate market.
It notes that there is growing investor interest in apartments that are perceived to have collective sale potential.
It expects more owners to voluntarily put up their properties for sale by auction next year.
Source: Channel NewsAsia, 28 December 2006