In a report on July 1, Colliers International says 142 (39%) of the 367 properties put up for auction in 1H2016 were mortgagee sales. The number of mortgagee listings was 4.4% and 35.2% higher than in 2H2015 and 1H2015 respectively.

“An increasing number of property owners is defaulting on their monthly mortgages amid the prolonged economic uncertainties, lacklustre property market, slowdown in China, stock-market turbulence and turmoil in the oil and gas industry,” says Grace Ng, deputy managing director and head of auction and sales at Colliers.

Residential property accounted for 103 (72.5%) of all mortgagee listings, followed by industrial (14.8%), retail (9.2%) and office (3.5%). Of the 103 residential properties, 32 were apartments or condominiums, including penthouses measuring more than 1,500 sq ft. Notable mortgagee sales successfully sold at auction include Silversea ($3.9 million), Turquoise ($2.92 million) and One Amber ($3.7 million).