Singapore's new residential property sales decreased markedly in August due to a typical slump in demand on account of the Ghost Festival, which is believed to be an inappropriate time for home buying.
Sales of new private homes, excluding executive condominiums (EC) which are reserved mainly for Singaporeans, declined 27 percent on a monthly basis to 1,421 units in August from 1,946 units in July.
Home sales, including ECs, were lower by 25.7 percent compared to the previous month, the agency said.
Residential property sales in Singapore typically decline in August as the time of the year is considered to be unlucky according to the Chinese calendar.
The Singapore government recently introduced fresh regulations to control property prices after prices surged to record highs last year.
by RTT Staff Writer
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