Residential property sales in Singapore are expected to slow down during the Hungry Ghost month which started recently, as the Chinese consider it an inauspicious period to buy homes, reported Singapore Business Review citing a Barclays report.
“We expect overall home sales in August to September to be weak with the onset of the traditionally quiet lunar Ghost Month from 14 August to 12 September,” the report noted.
CBRE stated that transaction levels for the period are also likely to weaken due to the SG50 celebrations and upcoming general elections.
Moreover, property developers are likely to delay launching new projects in light of possible tweaks to the government’s housing policy with elections looming.
“Only a handful of major projects of more than 300 units and a few prime district projects are expected for the rest of the year,” the consultancy added.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
