Flat sales down because of holiday

Secondary-market home sales dropped to a near-13-month low last week as buyers put plans on hold to enjoy their Lunar New Year holiday break.

Just 88 flats were sold from February 11 to 17 on the 50 major housing estates in Hong Kong monitored by agency Ricacorp Properties, down 19 per cent from 108 the previous week.

"End-users put their buying plans on hold during the new year holiday and investors have adopted a wait-and-see attitude towards buying property as they are worried the government may release new cooling measures," David Chan, a Ricacorp Properties director, said.

Just 17 flats were sold during the week in the nine estates on Hong Kong Island, down from 29 in the previous week.

Only 28 flats were sold in the major housing estates in Kowloon, down from 42 in the previous week.

But with the holiday now over, Chan said he expected sales to pick up again.