November property deals in 2.8pc rise

PUBLISHED : Tuesday, 02 December, 1997, 12:00am
UPDATED : Tuesday, 02 December, 1997, 12:00am

Property transactions registered with the Land Registry jumped 2.8 per cent to 15,400 last month from October, estate agents say.

Centaline Property Agency said the total transaction value fell 2.2 per cent to $59 billion, reflecting a slight recovery in the market in October, just before the financial turmoil.

Owing to time lag between transaction and registration, the figure better reflects the market's activity in late September and October.

Centaline said secondary market transactions slipped sharply since the monetary crisis, and it expected the number of registered deals to drop noticeably in December.

Midland Realty predicted that registered transactions would drop to 11,000 in December, owing to the crisis and banks' tightened lending policies.

In November, 4,305 deals relating to first-hand residential properties were recorded, while second-hand residential transactions reached 9,556, Midland said.

Centaline said the November figures showed that the luxury residential market remained sluggish while the mass market fared better.

The average price of secondary residential properties was $5,888 per square foot, down just 0.64 per cent from the previous month.

According to Centaline, the average price of flats in the New Territories rose 0.61 per cent to $5,149 per square foot while those on Hong Kong Island fell 1 per cent to $7,086 per square foot. Prices in Kowloon dropped 2.41 per cent to $5,881 per sq ft.