Property sales up 36.3% to $77.8b in April

Residential units accounted for three quarters of the monthly sales.

Property sales picked up in April after a dismal showing last month as the Land Registry recorded 8,741 sale and purchase agreements for all building units in April, which represents a monthly increase of 36.3% but 2.7% decline on a year on year basis.

The total consideration for sale and purchase agreements in April was $77.8 billion, an increase of 54.1% from March and 11.6% lower compared to a year ago, according to a press release.

Home sales continued to dominate the property transactions after accounting for 76.03% of sales or 6,646 units. Residential projects also dominated construction works last year after rising 1.4% YoY in nominal terms to a gross value of $66.1b as the Lam administration ramps up its building activities to plug the severe housing gap. 

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Total sales consideration for homes was at $61.8b which represents a whopping 59.3% monthly increase from March.