Singapore home sales down 72% since January due to Hungry Ghost month, lack of big launches

“The property market could be showing signs of slowing down… partly due to the slower economic growth, stubbornly high interest rates, the effects of the cooling measures and the shadows of further policy risk,” said Mr Nicholas Mak, chief research officer of real estate platform Mogul.sg

SINGAPORE: August saw the lowest number of home sales for the year, a sign some say that the property market could finally be slowing down.

Figures from the Urban Redevelopment Authority on Sept 15 showed that 394 units of new private apartments were purchased in August, in stark contrast to July, when 1,412 units were bought, marking a one-year-high. This shows a 72 per cent decrease from last month. However, it should be noted that there were a number of big launches in July, while there were hardly any in August. Also noteworthy is that 68 per cent of the new purchases of private homes were made before Aug 16, when Hungry Ghost Month began.

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