Property market quiet during Lunar 7th Month
Grace Ng, deputy managing director of Colliers International, explained: "This is mainly due to the current market conditions and buyers' sentiment, instead of the superstition associated with the Hungry Ghost Festival."
"The result of the government measures introduced since January this year has impacted the auction property market and reduced the number of residential properties put up for auction sale," she added.
Colliers International noted that many owners now prefer to rent out their properties to generate a better yield, as compared to depositing the money in the bank, which earns them an interest of less than one percent per annum.
Commenting on the current outlook, Ms Ng said that property buyers are holding back amid worries about a double-dip recession.