Superstition could boost July home sales

Developers might as well pray buyers remember it’s Hungry Ghost Month in August and buy this month as otherwise overall sentiment is cautious.

Ms Chia Siew Chuin, Director of Research & Advisory at Colliers International, said:

While the end of the June school holiday could mean the return of some buyers to the market, overall sentiment in the private residential property market is expected to remain cautious due to the heightened global uncertainties, buyers’ increasing resistance towards further price hikes and pending clearer housing policy directions from the Government.

Notwithstanding this, the impending Hungry Ghost Month which will commence on 31 July could see some superstitious buyers looking to pick up homes in July ahead of the traditional inauspicious home-buying period.

In light of the above, overall developers’ sales volume for the month of July is expected to moderate further from June’s level. Developers, on the other hand, are still expected to continue pushing out their projects, thereby keeping launch volumes at above the 1,000-unit mark.

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