Transaction volume hits 10-year low

PUBLISHED : Wednesday, 03 January, 2001, 12:00am
UPDATED : Wednesday, 03 January, 2001, 12:00am

Property transactions last month fell 22.1 per cent from a month earlier to 4,943, the second-lowest monthly volume last year, according to Centaline Property Agency's estimates.

But transaction value amounted to HK$17.8 billion last month, up 21.2 per cent from November, mainly due to the inclusion of deals involving larger lump-sum flats of the Leighton Hill luxury project in Causeway Bay.

Centaline estimated total property transactions for last year at 85,693, representing a 12.9 per cent drop from 1999. The full-year volume was at the lowest level since 1991.

Total value for the year dropped 13.6 per cent to HK$256.6 billion year on year.

The property agency compiled its figures based on data received by the Land Registry, which is expected to release the official statistics in the next few days.

Centaline said last year's total transactions drop reflected the residential market's continued sluggishness. Activity had been on the decline in the past three years. In 1997, there were 205,461 property deals recorded.

The consultant estimated that there were 25,516 first-hand residential property transactions worth below HK$20 million each last year, down 7.8 per cent from the preceding year. Their total value fell 13.5 per cent to HK$85.1 billion.

There were 54,649 second-hand residential transactions worth below HK$20 million each for the year, down 13.3 per cent from 1999. Their total values dropped 21.4 per cent to HK$111.5 billion.