Property sales down

Real estate transactions drop by 16 percent in first nine months of 2011

Real estate property transactions decreased in number and value during the first nine months of the year.

The number of real estate transactions as at the end of September fell by 16 percent, (to 57,976) compared to the corresponding period of 2010. The value of real estate transactions dropped to $6 billion, falling by $930 million year-on-year. The average value per sales transaction rose by 3.8 percent year-on-year to around $104,000 by September 2011.

Real estate sales transactions to foreigners represented around 1.6 percent of the total number of transactions during the first nine months of 2011.