Residential property sales plunge

Number sold and sales value both drop in November.

The number of sale and purchase agreements for Hong Kong residential units came to 7,035 in November, down 19% on October, but up 47% on November year-on-year.

Land Registry figures shows that the total value for residential unit sale and purchase agreements was $42 billion, down 24% on October but up 17% on November last year. The number of sale and purchase agreements for all building units in November was 11,581, down 2.9% on October and up 93.6% year-on-year.

The 12-month moving average for November was 9,333 This was 5.3% above the 12 month moving average for October, but 2.6% below that for November last year. Sale and purchase agreements value in the month was $69.7 billion, down 10.5% on October, and up 61.5% year on year.