Housing curbs take toll as transactions slump 53pc
A pick-up is unlikely in the short term after residential transactions plunge 53 per cent in December and total value slumps 59 per cent
Home sales fell last month to their lowest level since late 2008, at the start of the global financial crisis, indicating government measures have succeeded in curbing demand.
The number of residential transactions plunged 53.3 per cent to 3,286 from November, while the total value tumbled 59.1 per cent to HK$17.2 billon, data released by the Land Registry yesterday showed.
"It is the lowest since November 2008 in terms of sales volume," said Midland Realty senior research manager Anita Cheung. That month, she said, the number of residential transactions was 3,264.
"The drop in home sales is mainly due to the new cooling measures," said Ringo Lam Chun-chiu, the director of valuation at AG Wilkinson & Associates. "Sales volumes are unlikely to pick up in a short time as the market is still clouded by the policy risk, but I believe we have seen the worst."
Total property transactions, including homes, offices and parking spaces, numbered 9,129 last month, 21.2 per cent fewer than in November.
The figures came two months after the government introduced on October 27 a 15 per cent buyers' stamp duty for corporate buyers and non-permanent residents to cool the market.