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Sandy Li

Home buyers staged a strong comeback last month, propelling property transactions to the 16,500 level, the highest since July 1993.

According to preliminary figures compiled by Centaline Property Agency, the number of sales and purchase agreements rose 72 per cent from April's 9,606 deals.

The agency attributed the increase to lower stamp duty and generous mortgage lending policies boosting buyer interest.

The increase in land registration fees, which became effective on Saturday, encouraged buyers to register their purchases earlier, it said.

The last highest volume of property transactions was recorded in July 1993, with 18,881 deals.

In the latest figures released by Centaline, the total registered consideration amount of the deals soared 85 per cent to $33.12 billion from April.

Official figures on property transactions for last month have yet to be announced by the Land Registry.

Centaline said transactions were especially active for small and medium-sized flats after the reduction of stamp duty in April and banks slashing the standard mortgage rate from 10.25 per cent to the lowest of 9 per cent last month.

 The scheduled increase in the land registration fees on June 1 led to a significant increase in the daily number of registrations towards the end of last month.

 The number of sales and purchase agreements submitted for registration on May 31 jumped 227 per cent to 1,662 from a daily average of 515.

 The daily registration figure dropped to 97 on June 1 and it is expected the situation will soon return to normal.

 Centaline expected this month's registration figures to fall back to the level of 11,000.

 Last month's registrations showed a total of 13,335 secondary market transactions for properties worth less than $20 million, representing a rise of 94 per cent from the April figure.

Centaline said second-hand properties worth between $1 million and $2 million recorded a rise of 108 per cent in transaction volume, followed by a 100 per cent increase for properties in the $2 million to $3 million price range.

  The corresponding figures are 71 per cent for properties worth $5 million to $10 million, and 63 per cent for those worth $10 million to $20 million, indicating that the increase in market activities for large units and luxury flats lagged behind the overall secondary market.

 Properties changing hands in the New Territories recorded the highest growth - at 103 per cent - against April while Kowloon registered a rise of 97 per cent.

  Hong Kong Island saw a rise of 79 per cent, indicating that buying power in the market had been spreading gradually outwards from the core metropolitan area to the New Territories.



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