The secondary real estate market showed limited transaction activity in the run up to next week's policy address, with even more price cuts in the 10 major housing estates that are tracked.
Midland Realty reported only six transactions over the weekend - three less compared to the previous week.
The slowdown is attributed to buyers adopting a wait-and-see approach amid active property viewings and anticipation of policy adjustments in the upcoming address by the SAR's chief executive John Lee Ka-chiu.
According to Midland, scheduled property viewings in 15 key housing estates at the weekend increased by 1.8 percent to 284, continuing a three-week upward trend compared to the previous weekend's 279 viewings.
Centaline Property reported four transactions, which was down by two from the previous weekend, while six estates did not record any transactions.
Still, Hong Kong Property Services saw deals rise by two week-on-week to seven.
Price reductions continue in the secondary market, with Fan Ling Town Centre witnessing the sale of a two-bedroom unit at a seven-year low.
The 3,760-square-foot residential home was sold for HK$3.3 million, or HK$8,856 per sq ft. The price was a low for the project since 2016.
In North Point, a 505 sf two-bedroom unit at Bedford Garden was sold for HK$4.98 million, or HK$9,861 per sq ft, after a discount of HK$620,000 or 11 percent.
Regular units in the estate have rarely witnessed transactions below HK$10,000 per sq ft since 2014.
Meanwhile, a two-bedroom unit in City One Shatin was sold for HK$3.98 million, incurring a substantial loss of HK$1.37 million compared to its purchase price of HK$5.35 million five years ago.
In Tin Shui Wai, a two-bedroom flat in Kingswood Villas had its asking price reduced by HK$130,000 within two months and was eventually sold at HK$4.15 million, translating to only HK$9,263 per sq ft.
In the primary market, Road King Infrastructure's (1098) Mori in Tuen Mun has sold 36 units, generating revenue exceeding HK$166 million since the commencement of sales at the end of last month.
The weekend saw six secondary deals. Sing Tao
