Several analysts said that private home prices are holding up and demand for HDB flats is strong.
However, if the Singapore property market appears to be affected by the World Cup fever, it is only because it goes hand in hand with the usual slow June school holidays, as well as a lacklustre stock market and the eurozone crisis.
Sales of new private homes dropped 50 percent in May from a near-record level in April, and according to many property experts, this month seems to be a quieter one.
A total of 1,078 new homes were sold in May, which is still an impressive figure considering that it was only last December 2009 when property developers sold 481 units.
On how the events in South Africa may not be the main cause of the month’s slowdown, Chua Chor Hoon, DTZ South-east Asia research head, said: "Market sentiment was already slowing, so since the World Cup started, many buyers have continued to stay on the sidelines."
When the property market was on its way up in 2006, transaction activity was still high during the World Cup tournament, she said.
"Conversely, in 1998 when the market was down due to the Asian financial crisis, transaction activity was low throughout June to December."
There are no major project releases this month to excite the market, though only a few are being lined up. HDB’s resale market has also quietened slightly due to the World Cup activity and the school holidays, but generally demand for public flats remains very strong, said Eugene Lim, associate director of ERA Asia-Pacific.