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Property deals plummet by half
January didn’t get off to a good start for the property sector.
Property deals for all building units in January plunged by 54.7% year-on-year reflecting the dire straits of the city’s property market. The figure for January was lower by 19.8% compared to December.
Revenues from property transactions in January dropped 52.9% year-on-year to $27.8 billion and were off 14.7% from December.
Of the deals closed, 3,507 were for residential units, down 56.2% year on year and lower by 18.5% compared to December.
The value of residential deals at $22.2 billion was down 33.4% year-on-year and down 13.5% on December.
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