Hong Kong secondary home sales up but remain in single digits for sixth week
Hong Kong's 10 major housing estates saw a slight rise in secondary sales over the past weekend, but transactions stayed in single digits for the sixth consecutive week, as new launches continue to dominate the market.
Secondary home sales in Hong Kong's 10 major housing estates posted a modest rebound over the past weekend, but transaction volumes remained in single digits for the sixth consecutive week, according to data from two major property agencies.
Midland Realty recorded seven sales over the two days, a 40 per cent increase from the previous weekend. However, the agency noted that the number of transactions has stayed below 10 for six straight weeks. Midland's senior director, Po Siu Ming, attributed the uptick to the launch of new projects, which he said had drawn buyers' attention and released purchasing power, boosting overall market sentiment. He predicted that the primary market would remain "fiery" this month as some new developments are priced at or below market rates.
Centaline Property Agency reported six transactions across the 10 estates over the same period, up 20 per cent from the prior weekend. The number of estates with zero sales fell to five from a higher level. Centaline's Asia-Pacific vice-chairman and residential chief executive, Edwin Chan Wai Kit, said the ongoing launch of new projects in urban districts would keep the primary market active. He expected secondary market trading to remain stable in the short term, given that several major new projects are set to hit the market in the coming weeks.
The data from both agencies underscore a persistent trend: despite a slight improvement, secondary market activity remains subdued as newly built homes continue to dominate buyer interest and transaction volumes.