Property sector cools as deals slide 11.4pc but value of transactions lifts
Government figures yesterday revealed property transactions dropped about 11.4 per cent last month compared with May.
The decrease is lower than private sector estimates but still suggests the property sector has begun to cool.
This downturn could be accelerated following last week's pledge by Chief Executive Tung Chee-hwa to increase housing supply and crackdown on speculation.
The downward trend was exacerbated because there were only 22 working days last month, compared with 27 in May, which meant there were fewer days available to register properties.
According to the Government statistics, the number of sale and purchase agreements for building units - both residential and non-residential - was 17,510.
Despite the fall, the value of the deals rose by 17.4 per cent to $81.4 billion. During June, the highest number of sales were in the Hong Kong district, reaching 5,120 for about $38.6 billion.
