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Hong Kong's property sales down 8.4% YoY in May

Jun. 6, 2012 (China Knowledge) - Hong Kong's property transactions totaled 11,484 units in May 2012, reflecting a YoY decline of 8.4% but an increase of 7% from April, according to Hong Kong's Land Registry.

The transaction value totaled HK$65.4 billion last month, up 3.5% from a year earlier and 7.5% from the previous month.

In Hong Kong's residential property market, the number of transactions totaled 8,349 units in May, representing a decline of 13.8% from a year earlier but a rise of 1.6% from a month earlier. The value of the transactions totaled HK$47.4billion, down 4.2% YoY but up 6% MoM.

Hong Kong's property prices have been in sharp rebound since February this year. Statistics showed that the city's property prices in April were 8% higher than in December and about 13% higher than the 1997 peak.

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