RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Property sales climbed nearly 20% in March

The month’s total consideration amounted to $78b, the Land Registry said.

Sale and purchase agreements of building units reached 9,067 in March, reflecting a 19.9% increase month-on-month, and a 99.1% year-on-year, the Land Registry has reported.

The total consideration during the month amounted to $78b, higher by 21.3% than the previous month, and by 117.9% than March 2020.

Of the total property sales, 7,444 were for residential units, worth around $69.3b. This represented increases of 21.8% and 118.4% when compared to February 2021 and March 2020, respectively.

Kowloon recorded the highest number of transactions with 2,436, worth $21.6b, followed by Hong Kong island with 1,440, worth $18.8b, and Yuen Long with 975, worth $9.1b. Tuen Mun registered 960 transactions (worth $5.1b), Tsuen Wan had 922 (worth $2.9b), whilst Shatin had 808 (worth $6.8b).

The Land Registry noted the property sales statistics did not include agreements relating to sales of units under the Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Scheme.

Further, the Land Registry recorded some 541,242 total of searches of land registers in March, 47.8% more than the searches reported in the previous month and 32.5% more than March 2020

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