Prospective home buyers in Hong Kong are being cautious about the secondary market, in anticipation of housing measures to be announced on Wednesday.
According to Midland Realty, only eight transactions were recorded at 10 residential projects over the weekend, reflecting a third consecutive week of low transactions in the property market. All the transactions involved units at four projects: Kingswood Villas, Tai Koo Shing, Mei Foo Sun Chuen and City One Sha Tin.
“Most buyers are anticipating some housing policy changes in the policy address on Wednesday,” said Sammy Po Siu-ming, Director at Midland Realty.
According to an article by The Standard, one buyer forfeited a HK$400,000 deposit for a 491 sq ft, two-room unit at Kar On House in North Point. “The buyer felt uneasy about going through with the deal because of the global economic downturn. Some other buyers want to exit the market, as they expect property prices to fall further,” said Gary Lam, an agent from Centaline.
Meanwhile, another flat owner slashed HK$1.8 million (around 17 percent) off the asking price before selling an 883 sq ft unit at City Garden for HK$8.7 million (approximately HK$9,853 psf).
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