Hong Kong’s total property sales hit highest in 23 months

Homes, shops, parking spaces, and industrial units reach their highest monthly level in almost two years 

As reported in South China Morning Post, Hong Kong’s total property sales, which includes homes, shops, industrial units, and parking spaces, may have jumped to their highest monthly level in around two years, as buyers are optimistic about the local economy’s recovery from the pandemic-induced recession.  

April hit 9,100 property transactions with a total value of HKD82.5 billion (USD10.6 billion), as stated by Centaline Property Agency. 

Centaline’s estimate represents a 0.4 percent rise in the number of deals from March’s 9,067 deals and a 5.7 percent increase in value from HKD78 billion.  

Wong Leung-sing, senior associate director of research at Centaline, said, “Both sales volume and value will be the highest since May 2019.” That month received 10,353 deals with a total transaction value of HKD90.3 billion. 

Wong added that sales of second-hand homes had surpassed those of new units. There was a sharp recovery in demand for used homes last month, with around 5,800 flats sold for HKD50 billion. It would be considered the largest number of transactions in the secondary market since October 2012.  

However, new homes did not perform as well. Centaline estimated that transactions had dropped 34.7 percent to approximately 1,000 last month, while the total value decreased by a fifth to HKD16 billion.  

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Kingswood Villa in Tin Shui Wai was the most popular traded housing estate with 63 homes changing hands last month. City One in Sha Tin followed second with 47 transactions, while Taikoo Shing came in third with 45.  

The Labour Day Holiday weekend was the biggest weekend for property sales in seven months, as buyers went on a frenzy with more than HKD5.4 billion, snapping up close to 380 units of the 500 listed across the city.  

To keep up with the favourable sales momentum, developers have started raising prices for the next batch of units.