Gov’t reports 10.4% MoM drop in property deals in January

This decline was due to the Chinese New Year holiday.

The Land Registry logged 4,938 sale and purchase agreements for all building units received for registration in January, down 10.4% month-on-month (MoM) from December 2024 and up 12.2% year-on-year (YoY).

Of the agreements, 3,626 were for residential units, decreasing 11.6% MoM but rising 4.3% YoY.

“Due to [the] Chinese New Year holiday, transaction volume further softened by 11.6% m-o-m to 3,626 units,” Eddie Kwok, executive director of Valuation & Advisory Services at CBRE Hong Kong said.

"We observed developers are preparing to debut more new projects after Chinese New Year. As [the] situation improves, we expect more units changing hands in March especially after [the] government's budget announcement,” Kwok added.

The total consideration for the agreements logged also dropped 14.2% MoM to $36.7b, representing a 9.1% YoY growth.

For residential units, the total consideration was $26.7b, down 17.9% MoM and 3.8% YoY.

The government recorded 334,421 searches last month.