Sales of second-hand flats in Hong Kong decline
Agents expect a further fall of 10 to 15 per cent in sales over next few weeks during school exams
Sales of homes in the secondary market slowed last week after most discounted flats, located mainly in the New Territories, were snapped up by bargain hunters, property agents said.
During the week ended May 26, a total of 178 second-hand flats were sold in the 50 largest private housing estates monitored by Ricacorp Properties, down from 180 sales the previous week.
"In the absence of positive news and a decline in the number of units offered at bargain prices, it will be challenging to sustain the sales momentum in coming weeks," David Chan, a director at Ricacorp, said.
"Flat-viewing activity will turn quiet as school examinations are approaching," he said.
The number of transactions in the secondary residential market could drop by 10 to 15 per cent over the next several weeks, Chan forecasts.
Hong Kong Island saw an increase in the number of transactions last week, but Kowloon and the New Territories recorded a fall in home sales.