Property sales down for fifth straight month in October

But total sales consideration soared 44% to $65.6b.

Property sales continued to take a hit amidst the subdued market conditions, although October’s numbers were slightly better than the previous month, data from the Land Registry revealed.

Sale and purchase agreements for all building units for registration in October amounted to 5,075, a 5.6% YoY fall compared to a year earlier but 24.1% MoM higher than in September, according to the Land Registry. The total consideration also soared 44% YoY to $65.6b, an 80.2% rise compared to the previous month.

Also read: Property sales down for fourth straight month in September

Of these agreements, 4,001 were for residential units, a 5.7% YoY drop compared to October 2018 although it was 16.1% higher than that in September.

Total consideration for residential units amounted to $40.7b, up 47.1% YoY compared with September and 5.5% YoY higher.