Property sales down 28.3% in December

Still, sales were up 46.4% year-on-year.

The Land Registry reported a 28.3% drop in property sales in December, with 5,510 sale and purchase agreements for all types of building units logged, compared to November. However, there was a significant 46.4% increase in agreements year-on-year.

The total consideration for these agreements fell 33.3% to $42.8b, but showed a 27.4% increase from December 2023.

Residential sales dropped 34.9% from November, with 4,103 agreements recorded. However, this was a 40.1% increase compared to last year.

The total consideration for residential units was $32.6b, down 43.1% month-on-month, but up 33.9% year-on-year.

There were 326,943 land register searches in December.