The number of property sales nationwide dwindled 34.6 percent on-year to 47,886 in August, the Ministry of Land, Transport and Maritime Affairs said Monday. That is the lowest for the month since statistics began in August 2006, and down 15.7 percent from 56,799 transactions in July.

The Seoul metropolitan area saw property sales drop 37.9 percent on-year to 17,277. The transaction volume stood at a mere 663 in the three affluent districts of Gangnam, Seocho and Songpa in southern Seoul, less than half last year's 1,392.

The figure also fell in provincial areas, to 30,589 or a mere 67.5 percent of last year's volume.

The contraction is attributable to seasonal factors as well as weakened consumer confidence amid a prolonged recession.