Hungry Ghost Month Is No Property Market Curse: Here's What Truly Impacts New Home Sales

Is the Property Market Always Quiet During the Hungry Ghost Festival? Data Reveals Different Trends for New Launches and Resale Homes

The seventh lunar month, commonly known as the Hungry Ghost Month, usually falls between August and September on the Gregorian calendar. Traditionally, some buyers steer clear of property purchases, moving house, or renovation works during this period, leading to the common belief that Singapore’s property market enters a seasonal lull.

However, transaction data over the past few years suggests that the Hungry Ghost Festival does not necessarily dampen the private residential market across the board.

Whether new private home sales dip largely depends on exactly when the lunar seventh month falls, as well as whether major projects are launched during this period. In contrast, the private resale market remains relatively stable, showing far less susceptibility to traditional superstitions.

New Launch Sales Do Tend to Ease in the Hungry Ghost Month

Excluding Executive Condominiums (ECs), new non-landed private home sales stood at 356 units and 202 units in August and September 2023, respectively.

Sales figures during the corresponding period in 2024 were similarly subdued, with 185 units sold in August and 345 units in September.

In both years, sales in August and September were noticeably below the annual monthly average of around 520 units. On the surface, the Hungry Ghost Month does appear to weigh on new private home sales.

Yet, sluggish sales may not stem entirely from buyers shying away due to superstition; a more direct driver is often that developers hold back on launching new projects.

In the absence of major new launches, aggregate sales numbers struggle to gain traction, even if genuine underlying buyer demand remains.

2025 Bucked the "Ghost Month Lull" Trend

The situation in 2025 presented a stark contrast.

In August that year, new private home sales surged to 2,120 units, followed by 238 units in September. The combined total of 2,358 units over these two months significantly surpassed the year's monthly average of around 887 units.

A key factor was that the seventh lunar month in 2025 did not begin until 23 August, near the very end of the month.

Prior to its onset, the market had already welcomed five new launches—Springleaf Residence, Canberra Crescent Residences, Promenade Peak, River Green, and Artisan 8—injecting more than 2,400 units into the market.

These developments not only occupied popular locations but were also backed by robust marketing campaigns. Sales momentum carried straight into the Hungry Ghost Month, underpinning overall transaction volume.

This underscores that the "Ghost Month effect" is far from the sole determinant of new launch performance. When the market boasts ample fresh supply, compelling project positioning, and a solid reservoir of pent-up demand, robust sales can still materialise in a traditionally quiet period.

Supply, Not Superstition, Dictates New Launch Performance

The new private residential market is heavily launch-driven.

When a mega-development housing hundreds or even over a thousand units opens for booking, it can move hundreds of units in a single weekend, instantly elevating the entire month's sales volume.

Conversely, if developers choose to avoid the Hungry Ghost Month by pushing back previews and official launches, monthly sales will naturally drop due to a dearth of new supply, even if underlying demand remains intact.

Therefore, when evaluating new launch figures during the Hungry Ghost Month, one should not simply look at total units sold, but also take into account:

How many new projects were launched that month

The total volume of newly launched supply

Project location and product positioning

Whether the lunar seventh month begins early or late in the calendar month

Whether developers offered promotions or stepped up marketing efforts

In other words, the so-called "Ghost Month lull" is largely a product of developers' launch schedules, rather than buyers collectively retreating from the market.

Why Is the Resale Market "Ghost-Proof"?

Compared to new launches, the private resale market displays far greater resilience during the Hungry Ghost Month.

Data shows that between 2023 and 2025, private resale transactions in August and September consistently hovered between 757 and 1,148 units, aligning closely with the average monthly resale volume of about 852 to 1,049 units over the same period.

A major reason is that resale home buyers typically operate on more pragmatic timelines.

Many buyers are compelled by practical needs—such as expiring leases, growing families, school admissions for their children, job relocations, or having sold an existing home and needing an immediate move-in option. Prioritising whether a home fits their budget, location preferences, and move-in timeline, they are unlikely to delay a purchase merely to avoid the seventh lunar month.

Furthermore, Singapore's property market comprises buyers from diverse ethnic backgrounds, cultures, and age groups, not all of whom adhere to the same cultural beliefs.

Consequently, even if some buyers adopt a wait-and-see posture, others continue attending viewings and closing deals, keeping resale volumes relatively stable.

Cemetery Proximity Doesn't Necessarily Dictate Price Growth

Beyond the Hungry Ghost Month, some buyers also harbour reservations about whether a residential estate was previously a cemetery site.

Yet, historical price performances demonstrate that past land use does not dampen long-term capital appreciation, provided the location, connectivity, amenities, and living environment are compelling.

Take Bidadari, for example. While the area was once an expansive cemetery, progressive master planning has transformed it into a vibrant new town complete with residences, parks, schools, commercial amenities, and public transport links.

A private residential project in the area saw its median price per square foot (psf) climb 22.9% between 2023 and 20 August 2026, reaching $2,172 psf.

Over the same period, the median psf gain for District 13 stood at around 15.8%, while the islandwide average was approximately 12.5%. Not only did the project hold its own, it outperformed both its district and the national average.

This illustrates that buyers ultimately assess a property based on its location, accessibility, scarcity of supply, and overall master-plan potential, rather than clinging to traditional taboos.

Perceptions of the Seventh Month Vary Across Markets

In some Chinese communities, property launches are relatively sparse during the seventh lunar month, and some buyers refrain from signing contracts, purchasing properties, or relocating during this time.

However, this dynamic does not hold true across all markets.

In mainland China, for instance, the seventh lunar month is not widely viewed as a market trough. On the contrary, the sector has long celebrated the "Golden September, Silver October" phenomenon, viewing these months as peak periods for property transactions.

School reopenings, fresh graduates entering the workforce, the Golden Week national holidays, and a concentration of developer launches frequently release pent-up housing demand during this window.

This further reinforces that property market performance is ultimately shaped by local supply, demand, policies, and consumer behaviour, with cultural customs playing merely a secondary role.

Ghost Month May Alter Launch Timelines, but Real Demand Remains

On the whole, the impact of the Hungry Ghost Month on Singapore's real estate market is far more nuanced than commonly assumed.

While new launch sales may dip when developers pace out their releases, a flurry of quality project launches can easily turn a traditionally quiet period into a bustling sales window.

Meanwhile, supported by practical end-user demand, steady listings, and a diverse buyer demographic, the resale market generally holds steady without noticeable swings.

For prospective buyers, the Hungry Ghost Month can actually present an opportune window to survey the market. If certain buyers hold back, there may be less competition, affording home seekers more time to compare units and negotiate with sellers.

At the end of the day, property is a long-term asset. Rather than fixating on "when to buy", factors such as location, pricing, layout, surrounding master planning, and future resale appeal warrant far greater consideration.