Sales in the secondary residential market have slowed after surging in the fourth quarter of last year.
According to Centaline Property Agency, 248 transactions were recorded at 43 housing estates last week, representing a 31.7 per cent drop from the week before.
The biggest drop was seen in housing estates on Hong Kong Island. Transactions at Taikoo Shing fell to 30 from 68.
Kenneth Chiu, senior sales manager of Centaline's Taikoo Shing branch, said prices of Taikoo Shing flats had risen more than 50 per cent in the past three months but buyers were having second thoughts about the timing of their purchases so that total transactions had dropped.
Prices at other housing estates such as Parc Oasis in Yau Yat Chuen and Ocean Shores in Tseung Kwan O also declined.
Centaline Property Agency director Louis Chan Wing-kit said the market had entered a consolidation stage following the recent surge.
