Residential property transactions in the secondary market rose about 20 per cent last month and were concentrated on low-value properties, according to property agents' surveys. Some consultants were still cautious about the property market, saying it had recovered without a strong pick-up in secondary market transactions. Midland Realty, which compiled its figures based on the Land Registry's records, said November's secondary transactions amounted to 4,534, up 22.8 per cent from October's volume, while the transaction value increased 19.5 per cent to HK$6.98 billion. The growth is far below that in the primary private residential market - a 321.4 per cent increase to 3,548 transactions, with total value at HK$7.87 billion, up 203.9 per cent from October. Centaline Property Agency said home buyers were drawn to the primary market from the secondary market as a result of low prices and various incentive schemes. Secondary-market transactions picked up mildly compared with the significant increase in primary-sales volume, it said. Centaline said 80 per cent of secondary sales were less than HK$2 million each because most buyers were from lower-income groups with subsidised loans from the Government. Colliers Jardine said that if the measure of recovery was confined to volume, there should be no argument that the number of transactions in the past month had recovered from the worst time - after the terrorist attacks in the United States on September 11. However, it was a little early to talk of a market recovery without a corresponding performance in the secondary market, especially when Hong Kong's economy was still suffering from deflation and a possible recession. Volume in the secondary market was not that strong, despite strong primary sales.