Hong Kong property deals rise to 3-month high as buyers benefit from rate cut

Hong Kong property deals rise to 3-month high as buyers benefit from rate cut

Sales of new and second-hand homes – as well as office units, shops, industrial properties and parking spaces – rose 4.7 per cent to 7,190 units, up from 6,870 units in September, according to data released by the Land Registry on Tuesday. That was the most since July’s total of 7,212 units. “Property sales have…

Sales of new and second-hand homes – as well as office units, shops, industrial properties and parking spaces – rose 4.7 per cent to 7,190 units, up from 6,870 units in September, according to data released by the Land Registry on Tuesday. That was the most since July’s total of 7,212 units.
“Property sales have consistently exceeded 5,000 units for eight consecutive months, the first such occurrence since the market downturn in late 2021,” said Eddie Kwok, executive director for valuation and advisory services at CBRE Hong Kong.

Total value of property sales increased 8.3 per cent to about HK$57.9 billion (US$7.45 billion).

Residential sales also jumped to a three-month high of 5,714 units, the highest since July’s 5,766 deals, the Land Registry data showed. The total value of home sales reached HK$51.07 billion, the highest since HK$61.06 billion in June.

As the first round of new residential project offerings in October frequently sold out, November property transactions are expected to jump 5 per cent to exceed 7,500 deals, which would set a new 12-month high, according to Derek Chan Hoi-chiu, head of research at Ricacorp Properties.

October’s sales results, which marked the third consecutive month of gains in the sector, appeared to strengthen the outlook for a sustained market recovery.

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