Buyers are still looking to Mid-Levels despite prices staying close to 2007 levels. One of the deals completed by estate agent Professional Properties in Mid-Levels West this month was a 704 sqft two-bedroom apartment with its own 612 sqft terrace at Ming Garden on Robinson Road near SoHo. The 21-year-old development remained attractive to buyers due to its location, said John Ng, sales manager of the eastern Mid-Levels branch of Professional Properties. The flat was sold for HK$4.9 million. 'The quality of buildings in Mid-Levels is generally higher, and for this reason they appeal to buyers,' Mr Ng said. 'Actually, the prices now are not too different from 2007 when property prices skyrocketed.' Another transaction made by Professional Properties was a 1,106 sqft flat at Cherry Crest, a high-rise building at 3 Kui In Fong in Mid-Levels. The development, built four years ago, was in demand among buyers, but supply had been consistently low, Mr Ng said. There are 64 units in the 32-storey building. The flat went for HK$8.1 million. Mr Ng said the supply of Mid-Levels properties was scarce. He pointed out that sales such as the 3,816 sqft four-bedroom flat at High Cliff in Stubbs Road, which went for HK$64.8 million last week, were unusual. 'This kind of transaction is very rare,' he said. 'Sometimes we don't see one for months.' According to Mr Ng, Mid-Levels West, on the other hand, has more available properties, although turnover is still low. Given that interest rates remained low and the equity markets were still volatile, buyers - especially young professionals - were generally looking for better quality apartments in Mid-Levels, Mr Ng said. These younger buyers hope to become end-users, but most properties sold in prime locations, such as Cherry Crest and Bon Point, built five years ago, have been rented out. These investors also tend to prefer newer properties with little renovation required. There was more interest last year when the overall property prices went down. But the prices around the Mid-Levels area have remained relatively stable, Mr Ng said. Rental yield has not changed much either and remains at about 3 per cent. 'In fact, it has stayed below 4 per cent for quite some time,' he said. 'Rents have not changed very much since the credit crunch. They went down a little, but not that much. Recently we have seen that rents have gone back up again.'