Secondary market property transactions are set to soar to a 10-year high for the month, driven by two rate cuts last month and a volatile Hong Kong stock market, property agents said.
However, sales of units in new developments will likely slow as the year draws to a close, due to an absence of big new projects coming to market.
As of December 13, 6,048 deals in the secondary market were filed with the Land Registry, worth a total of HK$22.76 billion, up 22 per cent in volume and value from a year earlier.
A Centaline Property Agency report predicted that the volume of deals would close at 12,500 this month - the highest sales figure for a single month since July 1997.
Transaction values are projected to total HK$46 billion, just below the level for last month, which was the highest in 10 years.
However, due to a delay in the launch of two new projects last month, primary market sales dropped in the first 13 days, with 563 deals worth HK$5 billion done - down 41 per cent in volume and value from the same period last year.
'Two new projects, located in Hung Hom and Tseung Kwan O, did not receive government approval to start selling last month,' said Ricacorp Property head of research Patrick Chow.