Developer sales shrink 34.3% in May

But sales for the first five months soar 61%.

Private homes sold by developers last month shrunk by 34.3% to 1,024 units compared to April when there was a total of 1,558 units sold.

According to PropNex, while the figure in May might have taken a dip compared to the previous month due to the lack of new major launches, it still reflects the positive market sentiments in the first half of 2017.

On a yearly basis, total units sold sits at 7,555, 61% up from 4,915 units in the first five months of 2016.

PropNex Realty CEO Ismail Gafoor commented, “Like what we witnessed in April, consumers are continuing to pick up units nearing TOP dates. This is evident in the results of the five best-performing projects of this month. Especially for Parc Riviera and Sol Acres EC which have continued to sell well in the first five months of 2017.”