Hong Kong property sales volume is expected to rebound as much as 15 per cent this week as demand rose over the three-day Labour Day holiday, a peak season for mainland tourists visiting the city, according to property agents.
David Chan, a director at Ricacorp Properties, believes an influx of potential buyers during the three-day holiday, which ended yesterday, would lift the number of transactions in the secondary residential market after declining for two weeks.
Chan believes sales volume this week would increase by 10 per cent to 15 per cent. But the bump would not be enough for a major turnaround.
'No significant breakthrough will be seen in sales volume as there are limited units for sale,' Chan said.
Sales in the 50 largest private housing estates monitored by Ricacorp dropped to 283 in the week to April 29 from 289 a week earlier, or 2 per cent.
Despite the decline in home sales, Chan said prices rose 0.6 per cent from a week earlier as most apartments sold at high prices.