Hungry Ghost Festival to boost July home sales

Property developers are hoping that home buyers will purchase ahead of the Hungry Ghost Festival in August. Otherwise, overall market sentiment will be cautious.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, noted that while the end of the school holidays could imply the return of some buyers to the market, overall sentiment in the private housing market is likely to stay cautious.

Chia cited several factors affecting overall sentiment, such as mounting global uncertainties, home buyers’ growing resistance to further price increases and the government’s pending housing policy directions.

“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,” she added.

Chia noted that developers’ total sales volume for July will slow further from June’s level. However, property developers are still expected to push out their projects, thereby keeping launch volumes above the 1,000-unit mark.

Source : PropertyGuru – 20 Jul 2011

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