Buyers will return to the property market when interest rates start to stabilise, Executive Councillor Leung Chun-ying said yesterday. Mr Leung, head of surveying and real estate company C. Y. Leung and Co, blamed the lack of buyers on the banks being more prudent with loans due to the higher interbank rates left after the recent financial turmoil. In turn, property prices had dropped about 10 to 20 per cent because it is harder to obtain a mortgage, Mr Leung said. 'However, I believe interest rates will stabilise and people will want to buy their flats soon,' he said. Mr Leung said there were more than 100,000 property deals a year, of which 80,000 to 90,000 involved people buying or selling flats. Such behaviour would not change because of fluctuations in the financial markets, he said. Mr Leung said the decline in property prices would force land prices to fall as well. However, he said it was difficult to gauge how big the fall would be.