Property transactions slide

PUBLISHED : Tuesday, 03 December, 2002, 12:00am
UPDATED : Tuesday, 03 December, 2002, 12:00am

The value of registered property transactions fell to just above HK$10 billion last month, the lowest monthly figure in 12 years, according to estate agents.

Midland Realty and Centaline Property Agency estimated that the number of registered property transactions dropped about 15 per cent last month to the range of 5,735 to 5,780, the lowest monthly volume for 13 months.

Despite an improvement in home-buying sentiment in recent weeks, the government's latest property stimulus package, announced last month, had little impact on last month's market performance because the figures better reflected October's market activity, Centaline Property said. There is normally a four-week time lag between transaction and registration.

The contraction in activity was mainly due to a sharp fall in primary residential transactions as developers slowed sales of new projects.

Centaline Property said the total value of transactions last month, at HK$10.3 billion, was down 23.49 per cent compared to October's HK$13.4 billion.