Ignoring taboo associated with Hungry Ghost Festival, buyers push up sale value to 3-year high
KEY FIGURES
14 properties worth $25.92m were auctioned off during the festival which ran from Aug 20 to last Friday;
85 properties were put up for auction sale; 66 of them were by property owners; 19 properties were mortgagee sales.
Too irresistible
Practicality sometimes overrides superstition as buyers find it hard to resist a good deal.
This year’s Hungry Ghost Festival has ended well for some sellers as more buyers ignored the taboo associated with making a property purchase during the Hungry Ghost Festival.
A report by consultancy Colliers International showed that 14 properties worth $25.92 million were auctioned off during the festival which ran from Aug20 to last Friday. This is the highest sale value recorded in three years, it said.
The figure beats the $9.56 million worth of sales during the festival in 2007, when sellers were still asking for the moon while buyers were starting to be wary of high prices because of the US sub-prime crisis. Continue reading
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