Property sales drop 20% in August

A total of 7,875 transactions were recorded during the month.

The number of sales and purchase agreements in August declined 20.9% month-on-month (MoM) to 7,875, the Land Registry reported. 

The property sales in August 2021 improved by 46% when compared to the same month last year. The 12-month moving average for August is 7,981, representing a 2.7% MoM and 46.3% year-on-year (YoY) increase.

The total consideration for the property sales in August amounted to $70.4b, dropping 25% from the sales recorded in July, but climbing 54.5% from August 2020.

Of the property sales in August, 5,546 were for residential units, down by 26.8% MoM but up by 27.3% YoY.

The total consideration sales of residential units decreased 30.7% MoM to $54.5b. It went up by 35.5% compared with August 2020.

Moreover, the number of searches of land registers made by the public in August was 517,073, which slipped by 2.5% MoM.