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Kenneth Ko

Mass residential prices in the secondary market fell more than 30 per cent in the first half, according to Midland Realty.

 It said second-hand luxury flats also fell by about 40 per cent in the half, narrowing the gap between mass and luxury properties.

 The figures were based on transactions registered with the Land Registry and a company survey covering 50 popular private housing estates and 20 luxury residential developments.

 Midland said mass flat prices in July averaged $3,675 per square foot, 32.7 per cent lower than those reported in January, or 40.8 per cent down, compared with July last year.

 Luxury prices in July averaged $6,169 per sq ft, 39 per cent below the January level and 49 per cent lower than July last year.

 Midland said the gap between mass and luxury prices narrowed to about 40 per cent, from 54 per cent previously.

 Geographically, average mass residential prices on Hong Kong Island fell 29 per cent to $4,757 per sq ft in the first half.

 Prices on Kowloon side tumbled 31 per cent to $3,767 per sq ft while those in the New Territories decreased 36 per cent to $3,073 per sq ft.

 Among the 10 most heavily traded housing estates in the first six months, Kingswood Villas in Tin Shui Wai had topped the list with 758 secondary transactions.

 But the activity in this estate was down substantially from the 2,945 transactions struck during the same period last year.

 City One Shatin in Sha Tin recorded 480 secondary transactions in the first six month while Taikoo Shing in Quarry Bay reported 475 transactions.

 Transacted prices in City One Shatin collapsed 41 per cent to $3,414 per sq ft in the period, Midland said. Those in Taikoo Shing dropped 40 per cent to $5,017 per sq ft.

 Mei Foo Sun Chuen in Lai Chi Kok saw the sharpest correction with prices falling 47 per cent to $2,718 per sq ft.

 Average prices in Whampoa Garden in Hunghom dropped 43 per cent to $4,520 per sq ft. Those in South Horizons in Ap Lei Chau declined 40 per cent to $4,569 per sq ft.

 A survey conducted by Centaline Property Agency found that second-hand transactions in the private housing market contracted significantly in the past few months.

 It said the number of secondary units traded in July represented just 0.36 per cent of the market's total stock - which was about 44.6 per cent below the activity recorded in March.

 The monthly average transactions in the first seven months of the year were 0.45 per cent of the total stock, which was much lower than the average of 0.63 per cent for the full year of 1995, it said.

 Centaline said these figures showed the market's sluggishness and weakness were more serious than during the previous downturn in 1995.

 In the first seven months of this year, the most active market was that for second-hand flats measuring between 753 sq ft and 1,070 sq ft.

 The number of units traded in this sector represented an average of 0.63 per cent of the total stock each month, it said.



Luxury sector gap narrows in price plunge