Residential agreements dropped 30.1 percent in May

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Residential agreements dropped 30.1 percent in May

A general view of residential buildings in West Kowloon District, Hong Kong on April 11, 2023. The total consideration for such agreements dropped 30.1 percent from April to HK $44.6 billion in May, while a 42.1 percent year-on-year decrease was recorded, according to Land Registry data released on Friday.

4,003 agreements were for residential units, down 12.7 percent from April and 35.5 percent lower than a year ago.

The total consideration of residential units was HK $36.8 billion, a decrease of 29.8 percent compared with April and down 36.6 percent from May last year.