15 September 2015
REAL ESTATE DATA TREND
Private homes sales by developers (August 2015)
Transaction volume was tepid in August due to the Hungry Ghost Festival. With current housing policies remaining unchanged together with the ‘inauspicious’ Festival, many prospective buyers stayed away from the market. Developers sold 495 new private homes in August, down 69 per cent from the 1,594 units sold in July. The lacklustre sales came as developers launched just 598 new units for sale (all excluding ECs), or down 59 per cent from the 1,468 units launched in July.
“There are two broad reasons for the subdued buying sentiments; firstly, it coincided with the Hungry Ghost Month — which is typically seen by many to be an inauspicious time to make home purchases. Secondly, there was a lack of mass market launches with developers holding back their launches to a later date. Lastly, there is also an inertia to commit as buyers remain on the sidelines due to ongoing measures and/or an anticipation of further price declines,” commented Mr Ismail Gafoor, CEO of PropNex Realty.
