Residential property transaction value surges year-on-year, drops month-on-month, more than 20pc

The total value of residential property transactions in Hong Kong surged 29.9 percent year-on-year in July to HK$46.4 billion, though it dropped 24.1 percent from the previous month, according to data from the Land Registry.

A total of 5,766 residential units changed hands last month, a 54.9 percent increase from a year earlier but down 3.2 percent compared with June.

Including all property types, 7,212 sale and purchase agreements were registered in July, down 0.8 percent month-on-month but up 37.1 percent from a year ago. The total consideration across all categories stood at HK$54.6 billion, falling 17.8 percent from June but rising 28.0 percent year-on-year.

STAFF REPORTER