The estates where prices are still below their 1997 peak

Home prices in a number of estates are still below their 1997 peak level. This is despite the sharp rise in over the past four years that has taken average prices in major housing estates above the highs last seen before the onset of the Asian financial crisis in October, 1997.

The benchmark Centa-City Leading Mass Index, which tracks the average house price in Hong Kong's 85 large housing estates on the secondary market, stood at 107.88 points on September 28, its highest-ever level and 7.9 per cent higher than the previous peak in 1997.

However, in some housing estates that were launched for sale in the booming market before the collapse of prices, prices are still below those peak levels.

Two of the estates concerned are phase three of Discovery Park in Tsuen Wan, and the first phase of Villa Esplanada in Tsing Yi.

According to the database of EPRC, a website that provides information on property transactions, flats in phase three of Discovery Park were first sold for prices ranging between HK$5,555 and HK$9,579 per square foot; the average price reached HK$7,371 per square foot.

More than 1,000 flats were sold on the first day of the launch.