ENG-2016 — Page 81

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The Economy

from 1996 to 2015 (chart 11). There were, however, sharp fluctuations through the year, rebounding from a low of 1,800 in February to a high of 6,700 in November before slowing down markedly to 3,600 in December, when both buyers and sellers adopted a wait-and-see attitude following the introduction of a new demand-side management measure in November. Total consideration went up slightly 3 per cent to $428 billion in 2016.

Chart 11

Sale and Purchase Agreements by

Number ('000)

50

40

30

20

20

10

Broad Type of Property

Non-residential property Residential property

السلااااس

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012

| 2013

2014

2015

2016

Trading activities picked up through most of the year before moderating after November 2016.

Flat prices also exhibited sharp volatilities over the course of the year. Overall flat prices switched from a fall of 5 per cent during the first quarter to an increase of 2 per cent during the second quarter and 7 per cent during the third quarter, but the increase moderated to 4 per cent during the fourth quarter, reflecting the sharp deceleration after the hike in ad valorem stamp duty. For the year as a whole, overall flat prices in December 2016 still went up 8 per cent over December 2015. Analysed by size, the prices of small/medium-sized flats and large flats leaped 8 per cent and 7 per cent respectively. The leasing market also revived starting from the second quarter before cooling again in the fourth quarter. Overall flat rentals in December 2016 inched up 1 per cent over December 2015. Analysed by size, the rentals of small/medium-sized flats rose 2 per cent, while rentals of large flats declined 2 per cent (chart 12).

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