HK Property Sales in Aug. 2023: Monthly Surge Represents Yearly Decline

The Land Registry documented a total of 4,660 sale and purchase agreements for all building units in August, marking a 5.3% increase compared to July. However, this figure represented a 11% decrease when compared to the same period last year.

The overall consideration for these agreements experiences a 5.8% growth from July, reaching HK$34.9 billion in August. Nevertheless, there was a significant decline of 61.9% in comparison to the previous year.

Out of the total agreements, 3247 were specifically for residential units. This reflected a 5.9% increase from July, but a substantial 21.5% decrease from the previous year.

The total consideration for residential units was at $28.6 billion, showing a 7.7% rise from July. However, it represented an 11.8% decline when compared to August of the previous year.

During the same month, there were a total of 449,051 land register searches conducted.