Impact of ‘Ghost month’ on Real Estate Diminishing

People in the 20 to 29 age bracket are most likely to buy residential property during “ghost month,” while those over 50 still are deterred by superstition, a local real estate company said yesterday. Analyzing data on home transactions it brokered between 2006 and last year, H&B Realty (住商不動產) found that the share of all homes bought by people in the 20 to 29 age bracket during “ghost month” (19.2 percent) was 45 percent higher than the 13.2 percent share young adults averaged during the previous “normal” month.

In contrast, the average share of real estate purchases made by those in the 50 to 59 age bracket during ghost month was 11.8 percent, down from 20.4 percent in the previous month, a 42 percent fall.

There are many traditional taboos associated with ghost month, the seventh month of the lunar calendar, including the belief that buying real estate during that period invites ghosts into the house and brings bad luck.

With all age groups under the age of 50 showing an increase in their share of real estate purchases during ghost month, the taboo now seems to be something only older generations follow, said Jessica Hsu (徐佳馨), director of H&B Realty’s research division.

“The data shows that young home buyers actively struck deals in ghost month because they felt there was a better chance of negotiating better discounts,” Hsu said.

H&B Realty said the 40 to 49 age group had the highest share (31.4 percent) of home purchases during “ghost month,” followed by the 30 to 39 age bracket with a 27.6 percent share.