THE volume of property transactions in Hong Kong leapt a staggering 21.2 per cent month-on-month in February and 49 per cent year-on-year, according to figures released yesterday.
Genuine home-buyers rushed to make mortgage down payments with bumper Lunar New Year bonuses, a surge in mainland Chinese buying, and speculators enjoying another field day.
In all, about 13,024 sale and purchase agreements were registered with the Government during the month, involving a total $54.87 billion, the great bulk of which was spent on flats.
The resurgence in sales activity pushed prices up significantly across the board, but by just how much is still difficult to determine.
''These figures show the tighter mortgage restrictions implemented by banks are not having a huge impact here on activity,'' said property analyst and managing director of Morgan Stanley Asia, Peter Churchouse.
Banks' new mortgage approval figures for December and January, announced last month, had served as a warning of what was to come.