The number of confirmor transactions in the secondary market in the first quarter fell 74 per cent quarter on quarter, indicating that government measures to foil speculators are starting to bite, according to Midland Realty.
There were 106 confirmor deals - deals in which the property is resold before the original transaction is completed - recorded in the first quarter that ended March 31.
This compared with 408 deals in the fourth quarter of last year. The latest total was the lowest since the first quarter of 2009, although it was not paired with price falls.
While confirmor transactions account for a small portion of sales they are a measure of speculation.
Buggle Lau, Midland Realty's chief analyst, said the statistic was based on secondary turnover as this was a faster-moving market that was more indicative of immediate sentiment. By comparison, the primary market - which involves new units that can take as long as five years to be built - is a lagging indicator of market demand.
Lau said the fall in the number of speculative deals reflected measures to cool the property sector.
