Hong Kong home sales still weak

The number of homes sold in the first seven months fell 22% to 46,910 from the same period a year ago.

Hong Kong’s Land Registry recorded 10,377 sale and purchase agreements in August, up 34.7% on July and 41.2% year-on-year. The total value of these agreements came to $54.2 billion, up 15.7% on July and 32.6% higher year-on-year.

The number of homes sold in the first seven months, however, fell 22% to 46,910 from the same period a year earlier, according to the Land Registry. The August data will likely be unable dent this trend significantly.

Home prices have increased 12% this year to July, bringing the increase to 47% since October 2009. Hong Kong also remains the world’s costliest place to buy an apartment, according broker, Savills Plc.

Of the August 2012 sales agreements, over 8,000 were for residential units, up 41.7% on July and 48.7% higher year on year, with a total consideration of $39.7 billion, up 25.1% on July and 25% year on year.

The 12-month moving average for August was 8,062, which was 3.2% above that for July but 30.2% below that for August last year. The public made 497,191 land-register searches in August.