The Land Registry recorded 5,284 sale and purchase agreements for all building units received for registration in May, down 8.2% compared with April and 33.5% lower year-on-year.

The total consideration for such agreements dropped 30.1% from April to $44.6 billion in May, while a 42.1% year-on-year decrease was recorded.

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

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

There were 413,181 land register searches last month.