Property sales drop 7.3% MoM in July

Year-on-year sales fell by 11.4%.

The property segment saw lower sales in July, with 4,426 building units sold.

According to the Land Registry, the total sale in July was 7.3% lower than the June record and 11.4% lower year-on-year.

Of those sold, 3,065 were residential units. The number of sold residential units was down 15.2%  from June and 16.5% lower than July 2022.

As the number of sold residential units dropped, the total consideration of residential units also decreased in July, falling 20.9% MoM and 2`.5% YoY to $26.6b.

Overall, total considerations for all properties sold during the month dropped 16.9% MoM and 21.4% YoY to $33b.