The Estate Agents Authority (EAA) plans to issue a binding circular stipulating how property agents specify the 'saleable area' of second-hand residential properties.
Rosanna Ure Lui Hang-sai, EAA's chief executive, says no decision has yet been made on whether agents will be required to provide pertinent information on just the saleable area or in terms of the gross floor area.
The prevalent use of gross floor area in quoting the per-square-foot price of a property among agents has been criticised as being misleading, partly because the prices quoted are lower than those based solely on the saleable area.
In addition, gross floor area includes the common areas and corridors, while saleable area refers to the unit's floor area, utility platform and verandah.
Ure said a new practice circular on specifying the saleable area of secondary flats would not be an onerous burden on agents, adding she hoped it could be issued this year.
Property agents can be penalised for not adhering to the regulations issued in EAA circulars.