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Property sales in the  secondary market dipped sharply last week, in line with the turbulence in the regional stock markets. But primary sales were higher.

Secondary market transactions in the 50 key housing estates monitored by Ricacorp Properties dropped to 438 units last week, down 13 per cent on the previous week.

Prices were also fractionally lower, at an average of HK$4,035 per square foot,  from HK$4,040 per square foot in the previous week.

David Chan Tai-wai, a director at Ricacorp Properties, said the retreat in secondary market deals was sharpest on Hong Kong Island, where prices were higher.

Transactions in Island housing estates were down 28 per cent to 73 units last week, while  those in Kowloon and the New Territories were down 2 per cent and 17 per cent respectively, according to Ricacorp's research.

In the primary market, property agents estimated transactions were down  37.5 per cent to 50 units last week, from 80 units in the previous week.

In June, the primary market recorded more than 100 transactions weekly.

Metro Town in Tseung Kwan O, developed by Cheung Kong (Holdings), was the most popular of the new projects.

About  10 units were sold over the weekend with  prices ranging from HK$4,800 to HK$6,000 per square foot,  an agent said.

Ricacorp executive director Willy Liu Wai-keung said the drop in transactions in the primary market was due to the fall of the stock markets and the limited choice of remaining  units on the market.

Louis Chan Wing-kit, a director of Centaline Property Agency, agreed.  'Buyers hesitated as a result of the fall in stock prices,' he said.

Mr Chan expected sentiment to rebound if the stock market recovered, but by yesterday there was no sign of a recovery, with the Hang Seng Index falling a further 28.74 points or 0.13 per cent to 21,907.99.



Secondary market transactions decline on stocks sell-off