Hong Kong registered property deals down 79.1% in Nov

The property transaction deals recorded by Hong Kong's Land Registry dropped to 3,786 in November, the lowest point within 17 years, representing a year-on-year decline of 79.1% and month-on-month drop of 37.5%, according to sources.

Of the total, 3,264 residential property transactions were seen, down 30.8% from the previous month and 79.3% from a year ago.

Over the period, the total volume of the registered transactions dropped 86.9% from a year earlier to HK$10.6 billion, or down 43.8% from the previous month, the Land Registry said.

The value of residential transactions fell 87.2% year-on-year to HK$9 billion, 44.7% lower than that in October.

Earlier, Swiss investment bank UBS AG forecast the property prices in Hong Kong would drop 30% in the first half of 2009.