The Land Registry logged 6,442 sale and purchase agreements for all building units received for registration in May, down 10.9% compared with April and 12.5% lower year-on-year.

The total consideration for such agreements in May dropped 0.5% from the previous month to $49.8 billion, representing a 20% year-on-year decrease.

Of the agreements, 5,105 were for residential units, amounting to a 10.3% decrease from April and an 8% drop from a year ago.

The total consideration for residential units was $38.2 billion, down 9.4% compared with April and 28.3% lower year-on-year.

There were 403,745 land register searches last month.