# Mortgagee-sale listings hit six-year high in H1 2026 as financing conditions tighten

- **Source:** The Business Times
- **Published:** 2026-07-27T13:55:42.000Z
- **Author:** Chong Xin Wei
- **Original:** https://www.businesstimes.com.sg/property/mortgagee-sale-listings-hit-six-year-high-h1-2026-financing-conditions-tighten
- **Topics:** Commercial & Industrial, Transactions & Deals

## Featured rationale

The rise signals pressure from tighter financing conditions, but low owner-sale listings and value-driven auction demand suggest a selective market rather than broad property distress.

## AI summary

ETC recorded 216 mortgagee-sale listings in H1 2026, up 31 per cent from the preceding half-year and the highest level since 2019.

## Original article

[SINGAPORE] Mortgagee-sale listings in Singapore’s property auction market climbed to a nearly seven-year high in the first half of 2026 amid tighter financing conditions, an ETC report released on Monday (Jul 27) showed.

ETC recorded 216 mortgagee-sale listings in H1 this year, the highest level since 2019, when 321 listings were reported in the second half.

The H1 2026 tally was up 31 per cent from 165 in the preceding six-month period, and 29 per cent from 168 in H1 2025.

Mortgagee-sale listings accounted for nearly three-quarters of the 292 auction listings in H1 2026, up from about two-thirds in H2 2025.

“The larger proportion of mortgagee-sale listings in this first half of the year is reflective of tighter financing conditions in the current macro environment,” said ETC head of auction and sales Joy Tan.

Knight Frank, another major auction player, similarly reported an increase in mortgagee-sale listings, seeing 109 of them in the second quarter of 2026 – 5.8 per cent higher than in the preceding quarter.

“It was the second consecutive quarter that mortgagee listings exceeded the 100 mark, a level not seen since Q1 2021, when 117 listings were recorded during the pandemic,” said Tan Tee Khoon, Knight Frank head of auction and sales. “This could be a sign of banks and lending institutions starting to act on non-performing mortgages as financial pressures increase.”

Knight Frank’s Q2 mortgagee-sale listings comprised 53 residential properties, 42 industrial assets, and eight retail shops and six office units.

Based on ETC data, owner-sale listings totalled 53 in H1 2026 – down 20.9 per cent from the previous six months, and 38.4 per cent lower year on year. This also marked the lowest level since 2016, when 191 such listings were recorded.

ETC’s Tan attributed the decline in owner-sale listings to a healthy resale market, which has allowed borrowers to dispose of their properties on the open market ahead of foreclosure.

Other auction listings – including estate, trustee, MCST, liquidator, receiver, bailiff and sheriff sales – stood at 23 in H1 2026, falling 17.9 per cent from the previous six-month period, said ETC. But it noted the figure was up 53.3 per cent from a year earlier.

Knight Frank recorded a total of 157 auction listings in Q2 2026, marking a fifth consecutive quarter of growth since Q2 2025. Of these, 109 were mortgagee-sale listings, 32 were owner-sale listings and 16 were other listings.

Separately, ETC recorded 292 auction listings in H1 2026 overall, 12 per cent higher on a half-year basis, and up 9 per cent on the year.

ETC’s Tan said: “It is important to view the market as a whole ecosystem, rather than isolating any single segment. While the increase in mortgagee listings is driven by tighter financing conditions, we must also assess this alongside the owner-sale activity. Taken together, these trends reflect a market that remains selective rather than a signal of distress.”

Knight Frank’s Tan noted that of the nine properties sold at auction in Q2, almost half were other types of listings: two MCST sales, one bailiff sale and one sheriff sale.

Residential and industrial properties continued to make up the bulk of mortgagee-sale listings, mirroring the broader auction market, said ETC’s Tan.

ETC data showed that residential properties remained the largest category, with 144 listings accounting for 49.3 per cent of the total. Industrial properties followed with 87 listings, or a share of 29.8 per cent, up from 58 in H2 2025 and 61 in H1 2025. The increase in industrial listings was driven largely by units in B1 and B2 strata factories, most of which had fewer than 30 years remaining on their leases.

Retail properties accounted for 46 listings, or 15.8 per cent of the total, extending their decline from 52 in H2 2025 and 63 in H1 2025. ETC attributed the fall to “healthy occupancy, tight supply and the rapid absorption of vacant units by new entrants”.

Auction sales totalled S$27.7 million in H1 2026, with 13 properties changing hands primarily across the residential and industrial segments, said ETC.

Notable deals included a terrace house at Carisbrooke Grove that fetched S$5.2 million; a single-storey intermediate terrace in Geylang that transacted at S$3.5 million; and a strata-titled two-storey factory with a basement at Paya Ubi Industrial Park that sold for S$1.85 million.

“Similar to the general resale market, residential auction demand is primarily driven by upgraders seeking larger family homes and investors eyeing future capital gains,” said ETC’s Tan.

“On the industrial front, sustained demand from logistics and warehousing businesses – coupled with investor appetite for diversification and attractive yields – continues to support sales.”

This is “further aided by limited industrial land supply and fewer regulatory constraints compared to residential properties”, she added.

Analysts expect auction activity to stay resilient in H2 2026, particularly in the residential and industrial segments.

“Even though overall market conditions have become more selective in light of economic uncertainty and geopolitical tensions, value-driven demand remains evident, particularly among purchasers seeking assets with attractive entry prices, redevelopment potential or for immediate use,” said Knight Frank’s Tan. He noted younger buyers being active in the residential auction market, seeking competitively priced homes or upgrading opportunities.

ETC’s Tan expects the total value of auction sales in H2 2026 to “maintain a modest but steady pace”.

## Chinese translation

> Translation model: grok_cli

### 融资条件收紧，2026年上半年按揭收回拍卖挂牌量创六年新高

分析师预计下半年拍卖活动将保持韧性，尤其是住宅与工业领域

【新加坡】周一（7月27日）发布的ETC报告显示，在融资条件收紧的背景下，2026年上半年新加坡房地产拍卖市场中的按揭收回拍卖（mortgagee-sale）挂牌量升至近七年来高位。

ETC录得今年上半年216宗按揭收回拍卖挂牌，为2019年以来最高水平；当时2019年下半年曾录得321宗挂牌。

2026年上半年的挂牌量较前六个月的165宗上升31%，并较2025年上半年的168宗上升29%。

按揭收回拍卖挂牌占2026年上半年292宗拍卖挂牌的近四分之三，高于2025年下半年约三分之二的比重。

ETC拍卖与销售主管陈喜（Joy Tan）表示：“今年上半年按揭收回拍卖挂牌占比上升，反映当前宏观环境下融资条件收紧。”

另一主要拍卖机构莱坊（Knight Frank）同样报告按揭收回拍卖挂牌增加，2026年第二季度录得109宗，较前一季度高出5.8%。

莱坊拍卖与销售主管陈智坤（Tan Tee Khoon）表示：“这是连续第二个季度按揭收回挂牌超过100宗，为2021年第一季度（疫情期间录得117宗）以来未见的水平。这可能是银行与放贷机构在财务压力上升之际，开始对不良按揭采取行动的信号。”

莱坊第二季度的按揭收回拍卖挂牌包括53个住宅物业、42个工业资产、8间零售店面以及6个办公单位。

根据ETC数据，2026年上半年业主自行出售（owner-sale）挂牌共53宗，较前六个月下降20.9%，按年则低38.4%。这也是2016年以来最低水平；当年曾录得191宗此类挂牌。

ETC的陈喜将业主自行出售挂牌下降归因于二手转售市场健康，使借款人能够在止赎前于公开市场处置物业。

ETC称，其他拍卖挂牌——包括遗产、受托人、MCST、清算人、接管人、执达员及警长出售等——2026年上半年为23宗，较前六个月下降17.9%。但报告指出，该数字较上年同期上升53.3%。

莱坊录得2026年第二季度共157宗拍卖挂牌，为自2025年第二季度以来连续第五个季度增长。其中109宗为按揭收回拍卖挂牌，32宗为业主自行出售挂牌，16宗为其他挂牌。

另据ETC统计，2026年上半年整体拍卖挂牌292宗，按半年计上升12%，按年上升9%。

ETC的陈喜表示：“重要的是将市场视为一个完整生态，而非孤立看待任一细分领域。虽然按揭收回挂牌增加由融资条件收紧所驱动，我们仍须结合业主自行出售活动一并评估。综合来看，这些趋势反映的是一个仍具选择性的市场，而非困境信号。”

莱坊的陈智坤指出，第二季度拍卖成交的9个物业中，近一半属于其他类型挂牌：两宗MCST出售、一宗执达员出售及一宗警长出售。

ETC的陈喜表示，住宅与工业物业继续构成按揭收回拍卖挂牌的主体，与更广泛的拍卖市场结构一致。

ETC数据显示，住宅物业仍为最大类别，有144宗挂牌，占总挂牌的49.3%。工业物业紧随其后，有87宗挂牌，占比29.8%，高于2025年下半年的58宗及2025年上半年的61宗。工业挂牌增加主要受B1与B2分层厂房单位推动，其中多数剩余租约不足30年。

零售物业占46宗挂牌，或总挂牌的15.8%，延续从2025年下半年52宗及2025年上半年63宗的下滑趋势。ETC将此下降归因于“健康的出租率、供应紧张，以及空置单位被新进入者迅速吸纳”。

ETC称，2026年上半年拍卖成交总额为2770万新元，共有13个物业易手，主要集中在住宅与工业领域。

值得关注的成交包括：位于Carisbrooke Grove的一栋排屋以520万新元成交；芽笼一栋单层中间排屋以350万新元成交；以及位于Paya Ubi Industrial Park、带地下室的两层分层厂房以185万新元售出。

ETC的陈喜表示：“与一般转售市场类似，住宅拍卖需求主要来自寻求更大家庭住宅的提升置业者，以及着眼于未来资本增值的投资者。”

“在工业方面，物流与仓储企业持续需求——加上投资者对多元配置及具吸引力收益率的兴趣——继续支撑成交。”

她补充称，这“还受益于工业用地供应有限，以及与住宅物业相比监管约束较少”。

分析师预计2026年下半年拍卖活动将保持韧性，尤其是在住宅与工业领域。

莱坊的陈智坤表示：“尽管在经济不确定性与地缘政治紧张局势下，整体市场条件已变得更具选择性，但以价值为导向的需求仍然明显，尤其是在寻求入市价格具吸引力、具重建潜力或可即用资产的买家当中。”他指出，较年轻买家在住宅拍卖市场较为活跃，寻找价格具竞争力的住宅或提升置业机会。

ETC的陈喜预计，2026年下半年拍卖成交总价值将“维持温和而稳健的节奏”。