This past Saturday (18-19 February), the top 10 estates of the four major agents recorded 12 to 15 transactions, a drop of 30% to 40% week-on-week.

Midland's Chief Executive Officer of Residential (Hong Kong and Macau), Mr. Brahms, said that with the full customs clearance of the two places, Hong Kong's economy has accelerated back to normal and the atmosphere of the property market has clearly turned hotter and property prices have gradually recovered. As confidence in the property market increased, second-hand owners hardened their asking prices and narrowed their bargaining power, which took time for buyers to digest, and some of their purchasing power reverted to new properties, slowing down second-hand transactions.

The bank recorded 15 transactions over the weekend, down 42.3% week-on-week, but still in double digits for the 12th consecutive week.

According to Centaline Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Chan Wing-kit, the secondary market has already absorbed a large number of new properties and many owners are optimistic about the future market, lowering their bargaining power and making it more difficult for buyers to enter the market; coupled with the successive launches of new first-hand properties, which have stolen the focus and purchasing power from the market.

However, the secondary market is still active and the market atmosphere is positive, with many buyers fearing that buying late will be expensive and hoping to enter the market as soon as possible.

Mr Liu Wai-keung, President of Ricacorp, believes that the number of second-hand transactions will only rise further when the first-hand new developments start selling and the clientele return to the second-hand market.

Hong Kong Land's Chief Executive Officer, Mr Ma Tai-yang, said that the Government will announce a new Budget on Wednesday, which is expected to continue to boost the economy and stimulate the property market if there is good news.

In fact, since the full clearance, the secondary market has become significantly more receptive, with property prices gradually rising and buyers accelerating their pace to enter the market.

According to Midland's Sales Manager, Mr Hon Ka Hang, a middle-floor flat C in Block 2 of Wanchai's Sheung Chiu Fung, with a saleable area of 610 square feet, was sold for $14.6 million at a price of $23,934 per square foot to a customer who had just received his Hong Kong identity card.

Centaline's Senior Divisional Sales Manager, Mr Chan Chi-sang, revealed that a flat C on the middle floor of Block 4 of Ocean View Garden in Tuen Mun, with a saleable area of 521 sq ft, was taken up by a customer from outside the district who had only been viewing the property for three days at $5.1 million, at a price of $9,789 per square foot.

The latest transaction of a high-rise flat with a rooftop in Block M in Tai Po Garden, with a usable area of 858 sq ft, was sold to a buyer from the same district for $8.7 million with a car parking space at $10,140 per square foot, according to Centaline's Divisional Manager Ng Yat-wing.

Centaline's Senior Divisional Manager, Mr. Mak Siu-kee, said that the buyer of a 905 sq ft flat on the lower floor of Block 15, Flat F, in Belcher's Hill Garden in Yau Yat Chuen, saw that the market had recently become more prosperous, and in order to avoid a long night's sleep, he took over the flat with a car parking space for $12 million at $13,260.

Century 21 Kee Fung Branch Manager, Ms. Yeung Lai Kuen, said that the price of a two-bedroom flat at Yan Ting Heen in Sha Tin has gone up to $17,000, and a flat H on the lower floor of Block 3 of the estate with a usable area of 393 sq ft was sold for $6.8 million at $17,303 per square foot.