Hong Kong’s property deals exceed 7,000 for the sixth straight month in March

A view of Kowloon photographed from the Sky100 observation deck.

Photo: Eugene Lee Hong Kong’s property transactions crossed 7,000 for the sixth consecutive month in March – the first time in four years that monthly volumes stayed above this level – amid rising demand, according to estimates compiled by leading real estate agencies.

The value of transactions for offices, shops, new and second-hand homes, industrial spaces and car parking slots amounted to nearly HK$64 billion (US$8.16 billion), according to separate estimates by Centaline Property Agency and Ricacorp Properties.

Sales of residential units accounted for about 75 per cent of the overall deals, according to the estimates. “The escalation of the Middle East conflict and stock market volatility at the end of February did not deter end-users and investors from entering the market, the property market atmosphere remains robust after the Lunar New Year,” said Yeung Ming-yee, senior associate director at Centaline.

Yeung said property transactions were likely to reach 8,000 units in April.

New home sales, meanwhile, were impacted by the Chinese New Year holidays, with developers slowing property launches.

Sales of new residential units fell 46 per cent month on month to 1,362, which was also a 13-month low, according to data compiled by Ricacorp.

Sales of lived-in homes increased by about a fifth month-on-month to more than 4,400 units, Ricacorp said.

For the first quarter, the total number of property transactions reached 23,284, amounting to about HK$183.25 billion, with volumes falling 0.1 per cent and value rising 1 per cent from the previous quarter, according to data compiled by Centaline.

New home sales in the quarter increased nearly 30 per cent quarter on quarter to 6,284 units, while their value rose 21.2 per cent in the same period to HK$70.8 billion, according to data compiled by Midland Realty. “This demonstrates that most buyers are optimistic about the market outlook and accelerated their property purchases even during the off-season,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.

原文链接: 南华早报