by OrangeTee & Tie Pte Ltd.

Are Singaporeans Superstitious About Buying And Moving House During the Hungry Ghost Festival?

Monthly Developers' Sales

Developer Monthly Sales for September 2020

SG, 28 Sep 2020

Despite the perception that the Hungry Ghost is a bad month for property deals, the sales numbers tell a different story. Be it private properties or resale HDB flats, properties deals seem to be nearly completely unaffected by superstition. In fact, as the figures above show, August is actually one of the best-performing months of the year.

"Rising economic uncertainties and volatile equity markets seemed to be fuelling the boom for properties as more buyers seek shelter for safe-haven assets. Investors have the tendency to move away from cash holdings and riskier investments towards property assets for wealth preservation. Moreover, record-low interest rates are stoking the property market’s recovery as mortgages are now increasingly affordable for both owner-occupiers and property investors," said Christine Sun, Head of research and consultancy at OrangeTee & Tie

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