Property sales down 25% to 5,220 units

Overall sales dropped to $39.5b.

The Land Registry recorded 5,220 sale and purchase agreements for all building units in January, down 25.1% on December but up 67.1% year-on-year, the government announced.

The total consideration for sale and purchase agreements in January was $39.5 billion, down 17% on December but up 90.7% year-on-year.

Among the sale and purchase agreements, 3,286 were for residential units, down 7.4% on the previous month but up 60.7% year-on-year.

The total consideration for residential units was $27.4 billion, down 16.5% compared with December but 73.7% more year-on-year.

The public made 365,200 land register searches during the month.