Home sales in Hong Kong's secondary residential market declined to an 11-week low last week as both owner-buyers and investors retreated from the market to await the outcome of government measures to cool property prices.
Midland Realty data shows 181 transactions were concluded in the week ended May 9, which was down 7.2 per cent from a week earlier.
'Sales volumes have now dropped for three consecutive weeks,' said Midland Realty chief analyst Buggle Lau Ka-fai.
The data shows there were no transactions in Hong Lok Yuen in Tai Po, New Tuen Mun Centre and New Yuen Long Centre. In Heng Fa Chuen in Chai Wan, Telford Garden in Kowloon Bay, and Flora Plaza in Fanling, just one transaction was recorded.
Transaction volumes in Kowloon saw the biggest fall with only 60 preliminary agreements signed last week, 13 per cent lower than a week earlier. 'Home seekers are adopting a wait-and-see attitude because of the volatile global stock market and more land offerings for sale in Hong Kong,' Lau said.
