The auction market has experienced a significant 59.7% decline in the first half of 2023, resulting in the lowest sales value observed in the past three years, according to property consultancy firm Edmund Tie. This downturn suggests a challenging period for the property sector as the industry grapples with various economic factors and market uncertainties.
The prestigious GB Building in Singapore recently witnessed the successful auction of two strata commercial units, fetching an astounding $46 million. This remarkable deal, brokered by Huttons Asia, signifies the enduring allure and value of prime real estate in the city-state. Investors and analysts are closely observing this lucrative transaction as it sets a compelling precedent for the real estate market’s resilience in uncertain times.
According to global property consultancy firm Knight Frank, the auction market is expected to gain momentum in the second half of 2023. As the economy recovers and uncertainties ease, experts anticipate an increase in property sales through auctions. This positive outlook is driven by renewed buyer confidence and a desire for property ownership. The anticipated uptick in the auction market is seen as a promising sign for the real estate industry.