Property transactions fell 2.7 per cent to about 7,300 last month but the total value rose by 26 per cent to HK$20.7 billion, according to estate agents. Agents said the increase in transaction value was due to the inclusion of higher-value luxury property sales in the primary market. Secondary market activity continued to slide, which contributed to the overall transaction volume decline. According to Centaline Property Agency's research department, the Land Registry recorded 2,026 transactions in the primary private residential market worth about HK$7.38 billion - a rise of 7 per cent and 47 per cent respectively, over June. The significant increase in value resulted from the trade of higher-priced properties such as Laguna Verde phase five in Hunghom, The Belcher's in Western District and Island Resort in Siu Sai Wan. In addition, the sale of Royal Cliff in Repulse Bay at HK$1.58 billion accounted for a large part of the increase. The sales statistics based on registration with the Land Registry better reflects the activity in June due to a normal four-week time lag between transaction and registration. Official figures from the Land Registry are expected in the next few days. Midland Realty executive director Victor Cheung said transactions of high-end properties increased significantly because preferential packages offered by developers successfully lured investors as well as end-users. But buying momentum had eased recently as developers reduced the sweeteners. Interest had also weakened in the face of the sluggish stock market.
