Property sales suffer 25.5% MoM decline in May.

Year-on-year, however, sales rose 39.3%.

In May, the government recorded 7,361 sale and purchase agreements for all building units for registration, reflecting a 25.5% drop month-on-month (MoM) but a 39.3% increase year-on-year (YoY).

Overall transactions amounted to $62.3b, dropping 25.8% MoM but increasing 39.8% YoY.

Of the transactions, 5,546 were residential units, representing a 35.1% decrease MoM and a 38.5% YoY rise.

The total value for residential units amounted to $53.4b, down 31.1% from  April and up 45.2% YoY.

There were 405,058 land register searches in May.