Property sales slip 1.8% MoM in May

Building unit transaction value was nearly flat month-on-month at $72.8b. 

Hong Kong logged 8,537 sale and purchase agreements for all building units in May, down 1.8% from April but up 32.5% year-on-year (YoY), according to the Land Registry. 

The total consideration for building unit sale and purchase agreements decreased 0.1% month-on-month to $72.8b. 

On a yearly basis, the value rose 46.1%.

Residential transactions accounted for 7,138 agreements in May, down 3.1% from the previous month but up 39.8% from a year earlier.

The total consideration for residential units reached $65.6b, up 3% from April and 71.5% higher YoY.

Moreover, the Land Registry recorded 450,201 land register searches during the month.