Hong Kong's 10 major housing estates recorded just 16 transactions over the first weekend in the Year of the Pig, 46 percent down from the previous weekend, according to data from the city's four largest property agencies.
Ricacorp Properties CEO Willy Liu attributed the decline to the fact that many prospective buyers had been travelling over the Chinese New Year holidays.
However, he believed the market would rebound after the holidays.
The Land Registry reported an 84 percent surge in property transactions to 5,589 in January after a fall for two consecutive months. However, the number was 22.6 percent less lower than the same period last year.
The value of deals also jumped by 67.2 percent to HK$72 billion from December, and was 5.1 percent higher year-on-year.
Elsewhere, prices continued to rise in the secondary market. A two bedroom unit at Taikoo Shing with an area of 580 square feet sold for HK$11.6 million or HK$20,052 per sq ft, which was 14 percent higher than a bank's valuation. The seller had acquired the property for HK$8.5 million in 2015.
Also, a 378-sq-ft flat at Century Link in Tung Chung changed hands for HK$5.5 million or HK$14,550 per sq ft, which was 6 percent higher than the price of a similar unit last month.
The vendor had purchased the home for HK$4.39 million in 2015.