Property sales up by 21.7% in February

Sales were up to 7,561 with total consideration amounting to $64.3b.

The Land Registry received a total of 7,561 sale and purchase agreements for all building units in February, 21.7% higher than January.

The property sales in February also showed a 71.3% increase compared to the sales in February last year. Its total consideration amounted to $64.3b, which is a 3.7% decline from January 2021 but 82.1% up YoY.

The Land Registry also found that the 12-month moving average for February rose 4.2% to 6,576 from January 2021 and 9% from the previous year.

Of the total sale and purchase agreements, 6,125 were for residential units worth $56.9b. The sale of residential units rose 34.3% and 71.5%, compared to January 2021 and February 2020, respectively.

This number does not take into account sale and purchase agreements made under the Home Ownership Scheme, the Private Sector Participation Scheme and Tenants Purchase Scheme, unless the premium was paid after the sale restriction period, the Land Registry noted.

Moreover, the Land Registry observed that 366,285 searches for land registration were made in February, 17.9% less than in January but a 13.9% increase from the previous year.

This covers searches made at the counter, through the self service terminals and the Integrated Registration Information System Online Services.