The number of property transactions rose 35 per cent to 16,124 in March from a year ago, according to the Land Registry.
The deals were worth $64.9 billion, up 73.5 per cent from March last year, reflecting the strong market rally.
Although the figures showed a strong increase year-on-year, they represented a slowdown from February.
The number of sales fell 5 per cent, while the value of the sales was 11.7 per lower.
Centaline Property Agency, Hong Kong Property Services (Agency) and Midland Realty attributed the drop in transactions to fewer projects entering the market and the Lunar New Year festival.
The March figure better reflected market activity in February because of the lag of about four weeks between purchases and registration.