Only seven deals got done over the weekend, a decline of 53.3 per cent from a week earlier, marking a new eight-week low, according to Centaline Property. South Horizons in Aberdeen saw three transactions, Metro City in Po Lam had one, there was one in Whampoa Garden and one in Caribbean Coast in Tung Chung.
Lower rates haven’t had the desired effect, and the city has not experienced a rebound like it did after property cooling measures were withdrawn in late February, according to Louis Chan Wing-kit, CEO of Centaline Property Agency, the real estate firm’s residential division.
“This is mainly due to the slow response from mainland buyers and investors, who are still holding a wait-and-see attitude and have not yet entered the market,” he said. “The market is now mainly supported by local buyers, and therefore has not seen an immediate improvement.”
Transactions on the secondary market may have been down following the first cut in borrowing costs in nearly five years, but more people made appointments to look at flats. A total of 1,130 bookings were made over the weekend at 50 estates in Hong Kong, up 7.6 per cent from a week earlier – hitting a new high for the past 21 weekends – Ricacorp Properties said on Friday. Appointment bookings have now risen for nine weeks in a row.
