HONG KONG (XFN-ASIA) - Housing prices and sales volume in March dropped significantly compared with previous months as homebuyers held back on purchases amid soaring prices and volatility in the stock market, The Standard reported citing property analysts.
The newspaper cited Centaline Property Agency executive director Louis Chan as saying that housing sales volume in March fell 50 pct while prices declined 3 to 5 pct compared with levels in January.
Chan said Centaline's commissions from housing transactions fell to 130 mln hkd from 230 mln in January.
Xavier Wong, head of research at property consultants Knight Frank, said investors were delaying their entry into the housing market after seeing limited room for housing prices to rise further.
Midland Realty said 37,412 apartments were sold in the first quarter, down 9 pct from the fourth quarter of 2007