"A new law on flat pre-sales came into effect on 1 June. Developers are required to finish projects’ basement and foundations and to complete temporary horizontal property registration before a sale is permitted. Sales of unfinished homes before 1 June will be unaffected, but re-sales of such dwellings will be allowed only after the properties are logged by the Real Estate Registry. Ricacorp, a local realtor, has said that the new law is creating confusion amongst buyers and sellers alike who are uncertain about its full implications. Supply is expected to tighten further and buyers may face additional delays in obtaining property titles, exacerbating a market with already limited supply. Most buyers are looking to the secondary market, adding potential upward momentum to prices. In April, however, prices were flat MoM, following a very strong first quarter, averaging HK$7,745 (US$1,000) per sq ft."
So it went from 83k to 98k to 75k per square meter. It may have to do with what kind of properties were sold in the period, or there may have been a rush to buy certain properties before the law was put into effect.
