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HONG KONG: Sales of second-hand homes fell to a seven-week low last week, with only 226 deals done, as buying sentiment was hurt by uncertainties arising from Japan's nuclear crisis.
Data compiled by Ricacorp Properties showed that in the 50 housing estates it monitors, the number of transactions in the secondary market slipped 11% from March 21 to 27. The sales compared with 253 deals clinched a week before.
The biggest fall was seen on Hong Kong Island. There were just 16 deals closed last week, a decline from 44 transactions the week before. In Kowloon, 76 homes changed hands, down from 83 a week earlier.
Six housing estates including Lei King Wan, Heng Fa Chuen and South Horizons recorded no transactions.
Estate agents said buying sentiment was hurt by the nuclear crisis in Japan, which fuelled uncertainties about the outlook for the global economy. "Property sales have slowed for several weeks. The market lost direction as both buyers and sellers stayed on the sidelines," Ricacorp director David Chan said.
He said he expected sales volume for the next two weeks to remain slow.
Rick Wan, a senior sales manager at Hong Kong Property Services (Agency)'s Taikoo Shing branch, said no transactions were recorded in Taikoo Shing over the weekend.
Owners at Taikoo Shing had become aggressive in their asking prices after seeing prices climb to as much as HK$12,559 (RM4,885.29) per square foot, he said.
"Potential buyers have probably adopted a wait-and-see attitude and are unlikely to enter the market in haste," he said. — SCMP
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