The slump in the number of property transactions is continuing, with the overall number of deals set to fall to about 6,000 this month - the lowest monthly level in two years, according to Centaline Property Agency. Centaline senior manager Ivan Ho Shiu-cheong attributed the poor sales figure, which focused mainly on the residential market, to the depressed property market. The preliminary statistic on registered property transactions compiled by Centaline up to January 24 was 6,066, he said. The January transaction figures better reflect the level of activity in December last year. Official figures on transactions this month have yet to be released by the Land Registry. Last December, 7,305 sale and purchase transactions were recorded by the Land Registry, down 52.7 per cent from the preceding month. Centaline's commission for this month would be about $60 million, a drop of 60 per cent from its average monthly revenue last year. 'We managed to make $2 billion commission revenue last year, or an average of $160 million per month,' Mr Ho said. 'But we were only able to make slightly more than one third of that amount this month.' He said about 300 to 400 agents had left Centaline because of the drastic drop in property transactions since late last year. The company had closed 30 branches by the end of last month, Mr Ho said, indicating more outlets in secondary locations might close if the market saw no improvement in coming months. 'We will not renew the lease if the landlords refuse to reduce shop rentals when the contracts expire.' Some of the company's outlets had managed to achieve rental reductions of up to 30 per cent from landlords, he said. Rival Midland Realty has also been forced to shut down about 48 branches since the property downturn late last year.