RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Property sales down 1.5% to $397.5b in H1

The number of deals fell 7.2%.

Total consideration of property sales slid 1.5% YoY in the first six months of the year, but rose 17.7% as compared to H2 2018, to $397.5b, according to the Land Registry.

The number of property sale and purchase agreements dipped 7.2% YoY in H1 to 43,491 as well, but has climbed 34.6% from H2 2018.

In a Cushman & Wakefield report, property sales rose 53% MoM to 10,128 in April. Residential sales reached 7,822 and 8,208 in April and May, which has surpassed the 8,000 mark for the first time since October 2012. Mass residential prices grew over 20% by mid-June whilst luxury edged up 10% in the same period.

The Land Registry further added that assignments of building units slipped 15.5% YoY to 44,625, resulting to a 10.6% decline in sales value to $366.65b. There 2,576,255 land register searches were made in the last six months.

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