Building sales dropped 7.6% year-on-year in February 2011

A total of 12,401 sale and purchase agreements for building units were received in February.

According to the Hong Kong Services Department, the Land Registry said this was a 25% increase on January but still 7.6% lower yoy.

12-month moving average of 13,271 was 0.6% mom lower but higer 6.9% yoy.

The total consideration of sale and purchase agreements during the month was $55 billion, 6.8% less than that in January but 13% more compared with a year ago.

Among the sale and purchase agreements, 10,390 were for residential units, representing a 29.8% increase on January but an 11.4% decrease compared with the same month last year.

The total consideration for sale and purchase agreements in respect of residential units was $45.6 billion, a 36.8% increase on January and 11.8% up on a year ago.