More luxury homes go under the hammer in Singapore as defaults spike
May 05, 2015 - Singapore
More and more prime properties are being put up for auction in Singapore as a number of tough government cooling measures hit in one of the world’s most expensive real estate markets.
Foreigners have flocked to Singapore in recent years to snap up luxury homes, part of a broader property boom that saw private house prices skyrocket more than 60% between 2009 and 2013.
Upmarket districts such as the man-made island resort of Sentosa and Orchard Road, a swanky downtown boulevard, have long been a huge draw.
However, rising property prices caused unease among Singaporeans, and prompted the government to introduce several rounds of measures since 2009 to slow the market and make it harder for foreigners to buy.
Singapore’s home prices fell last year for the first time since 2008, during the global financial crisis, and the luxury property sector was particularly hard hit.
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