Slowdown sees prices fall
INVESTORS are adopting a wait-and-see attitude with regard to residential property, according to Brooke Hillier Parker partner David Faulkner.
The general trend for August was one of stagnation or slight decline.
Sha Tin is no exception to the rule where prices too have declined.
''The activity in the market has dropped right off,'' said Mr Faulkner. ''Less deals are being done in the market.'' The average price in residential property per square foot in Sha Tin dropped in August by $32 per square foot (psf) to $3,265 psf.
The drop is in keeping with the trend.
Mr Faulkner expects the trend to continue until the next commonly perceived buying period, next spring.
A shortage of financing in the market and unaffordable prices were given as reasons for the shift.