Local residential property prices rose 11 per cent in the first quarter over the same period last year, the largest increase in seven quarters, according to Centaline Properties' CCI Index. The surge is also 7.4 per cent higher than the 3.6 per cent climb seen in the final quarter of last year when the government introduced measures to stabilise the market. Leading the growth was Hong Kong Island with a 12.8 per cent increase. Of the 35 luxury properties monitored by Centaline, the number of secondhand transactions fell 14.6 per cent in the first quarter to 502 deals, with a total value of HK$9.2 billion, down from HK$10.3 billion. A number of properties saw better prices and more transactions in the first quarter, including Tregunter Court, Royal Ascot and Parc Oasis.
