Prices of private homes across the island have tumbled significantly in the past year, much to the dismay of many people who had resorted to release their properties at a loss.
The biggest impact fell squarely on the shoulders of the middle to high-end segments where its falling prices were especially drastic, with the biggest losses transacted in districts 4, 9 and 10.
There is a 200 per cent jump in the number of properties put up for auction sale by mortgagee in January 2015, from a mere number of six properties in the previous year. The percentage is expected to rise, exacerbated by a weakening rental sector and rising interest rates, which collectively may increase the burden of their holding costs.
The cooling measures and evolving market condition will create challenges to dispose properties in the resale market.
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