Hong Kong property sales slip 2% in May

The Land Registry received 8,965 sale and purchase agreements during the month.

The number of sale and purchase agreements for all building units dropped to 8,965 in May, the Land Registry reported.

This is 2% lower than April, but higher by 30.1% compared to May of last year.

The 12-month average for May was 7,482, which is 2.4% and 44.8% above than the average in April 2021 and May 2020, respectively.

Moreover, total consideration for the property sales amounted to $87.6b, climbing 2.9% month-on-month. This also represents a 45.4% increase compared to the same month last year.

Of the 8,965 sales, some 7,084 were residential units, a drop of 3.3% MoM, but an increase of 18.4% year-on-year.

Total consideration for the residential units stood at $76.8b, a 7.4% and 45.7% increase from April 2021 and May 2020, respectively.