Property sales sink 16.5% MoM in January

When compared to January 2021, sales dipped by 4.8%.

Property sales for January sank 16.5% month-on-month (MoM), and 4.8% year-on-year (YoY), data from the Land Registry showed.

Based on the latest figures, only 5,911 sale and purchase agreements for all building units were received for registration in January.

Total consideration for the agreements likewise dropped 38% MoM to $54.4b and 18.6% YoY.

Of the total number of agreements, 4,275 were for residential units, which also represents a 16.9% decline from December 2021 and 6.3% from the same period last year.

The total consideration of residential units was $43.4b, representing both a decline  (10.5%) and an increase (9.3%) if compared to December 2021 and the same period a year ago, respectively.

Meanwhile, the total land register searches in January was 429,213.