Will Commercial and Office Spaces Once Considered 'Leftover Rice' at Auctions Revive? Bidder Proportion Hits Highest in 10 Years...
[Asia Economy Reporter Ryu Tae-min] Commercial office facilities, which had long been neglected in the auction market due to the dominance of residential properties, are gradually showing signs of recovery. The number of bidders has significantly increased compared to the pre-COVID-19 period, and the proportion of commercial office facilities among all bids has reached its highest level in 10 years.
According to the ‘April Auction Trend Report’ by Gigi Auction, a court auction specialist company, the total number of bidders nationwide for commercial office facilities was 2,411, maintaining the 2,000 range for three consecutive months following February (2,011) and March (2,491). This is nearly 1,000 more than the monthly average total number of bidders of 1,304 from January 2018 to December 2019, before COVID-19.
The proportion of bidders for commercial office facilities among the total number of bidders also increased significantly. In April, the bidder proportion for commercial office facilities was 14.3% of the total. This is the first time in 10 years since May 2012 (14.1%) that the proportion has entered the 14% range. After recording 10.4% in January, the proportion rose consecutively in February (11.2%) and March (12.2%), showing a growing share of commercial office facilities over time.
Meanwhile, the total number of auction cases nationwide was recorded at 10,551. This is a decrease of 1,294 cases (10.9%) compared to 11,845 cases in the previous month. Unlike last year, courts have not yet implemented nationwide suspension measures, so it is expected that more than 10,000 auctions will continue to be conducted monthly for the time being.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Not Jealous of Winning the Lottery"... Entire Village Stunned as 200 Million Won Jackpot of Wild Ginseng Cluster Discovered at Jirisan
- Bull Market End Signal? Securities Firm Warns: "Sell SK hynix 'At This Moment'"
- "How Did an Employee Who Loved Samsung End Up Like This?"... Past Video of Samsung Electronics Union Chairman Resurfaces
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
The number of successful bids was 4,268, about 700 fewer than in March. The success rate was 40.5%, the bid-to-appraisal ratio was 79%, and the average number of bidders was 4.0. The average number of bidders has remained above 4 for five consecutive months since December last year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
