Home sales in the Hong Kong secondary market rebounded last week as owners cut asking prices in reaction to volatility on stock markets triggered by fears of global recession.
In all, 229 transactions were recorded in 50 major estates for the week of August 15 to 21, up 18 per cent from the previous week, according to data from Ricacorp Properties.
'As the trend of reducing asking prices spreads, sales in coming weeks will continue to rise,' David Chan, a director at the agency, said.
Flats at Laguna Verde in Hung Hom saw the biggest falls, with average prices down 20.8 per cent to HK$9,086 per square foot from HK$11,475 a week earlier.
Prices of flats at Mei Foo Sun Chuen, an estate favoured by investors, dipped 13.9 per cent to HK$5,517 per square foot.
The price discounting helped lift sales on Hong Kong Island by one, to 28, while sales were up 26 per cent in Kowloon to 82 transactions, and the New Territories recorded an 18 per cent increase to 119.
