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Hong Kong's property sales down 53% in Dec

Jan. 5, 2012 (China Knowledge) - Hong Kong's property transactions totaled 5,597 units in December 2011, reflecting a year-on-year decline of 53% or a sequential decrease of 6%, according to Hong Kong's Land Registry.

The transaction value totaled HK$32.6 billion last December, down 39% from a year earlier and 24% from last November.

In Hong Kong's residential property market, the number of transactions totaled 4,301 units in December 2011, representing a decline of 54% from a year earlier or 10% from a month earlier. The value of the transactions totaled HK$25.7 billion, down 36% year on year and 28% month on month.

Analysts said the volatile financial markets and rising mortgage rates have caused potential house sellers and buyers to retreat and take no action.

Statistics from Hong Kong-based Centaline Property Agency Co showed that the city's property transactions fell to a five-year low of 108,814 in 2011. The prices, however, continued increasing last year.

Although Hong Kong's property prices fell 4% between July and October 2011, the prices of the city grew 11% in the first 11 months of last year.

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