Transactions in the 10 major housing estates slumped by more than a third in the first half of this month compared to the same period a month ago as buyers were drawn to new projects, according to Midland Realty yesterday.
A total of 55 transactions were recorded in the first half of May for the 10 blue-chip housing estates, a decrease of about 36.8 percent compared with the 87 transactions in the same period of April, Midland's data showed.
As developers are speeding up new project launches and offer discounts to attract buyers after the removal of all the housing curbs in late February, the market's attention is focused on first-hand flats, thus diluting the purchasing power of second-hand flats, said Sammy Po Siu-ming, chief executive of Midland's residential division for Hong Kong and Macau.
Despite the slowdown in secondary transactions, the overall residential transactions in the property market for the coming quarter are expected to see both quarterly and yearly increases, Po said.
By districts, Taikoo Shing, Kornhill, and South Horizons on Hong Kong Island recorded a total of 11 transactions in the first half of May, representing a month-on-month decline of 66.7 percent.
Laguna City, Whampoa Garden, Metro City, and Mei Foo Sun Chuen in Kowloon recorded a combined 24 transactions during the same period, down 35.1 percent from a month earlier
And in the New Territories, Caribbean Coast, City One Shatin, and Kingswood Villas posted 20 transactions in total, a rise of 17.6 percent month-on-month.
