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The Second Hand Property Market Is Booming; Transaction of Ten Leading Housing Projects Is Soaring.

Hong Kong Wen Wei Po

The property market is warming up, and the second-hand property is once again enter into the boom period. In the first weekend of March (March 2nd to 3rd), the transaction volume of the ten leading housing projects announced by major agents recorded a recent high. The best performer was Centaline, which recorded 23 transactions, a significant increase of 76.9% from the previous weekend, and the volume reached a new high of 61 weeks after December 30th and 31st in 2017. Except Metro City which had zero transaction, the remaining 9 housing estates all recorded transactions .

It is estimated the property market boom will continue since positive factors are increasing.

The positive factors in the market increase such as US has suspended interest rate hikes also China and the United States will have negotiations on the trade war soon, so the property prices had met the bottom, plus buyers are willing to pay more price for satisfy property leading the transactions speed up, the Asia Pacific vice chairman and president of the residential department of Centaline Property, Chen Yongjie expressed. It is believed that the property market will continue boom in March, because the market sentiment is positive and the second hand property transaction is hot due to the purchasing power being released after the Lunar New Year's holiday.

Transaction volume depends on the sales speed of the new projects.

Midland recorded about 15 transactions among ten leading housing projects on weekend, a slight increase by 1 case or about 7.1% from the previous weekend, becoming the latest peak in 39 weekends since the beginning of June in last year, and has been more than 10 cases for three consecutive weekends.

As the purchasing power has returned to the property market after the Lunar New Year, many buyers were also attracted to enter the first hand property market, leading good sales, and buyers’ confidence on housing increase pushing the property market in good trend and the second hand property market boom to continue, under the positive factors like trade war mitigates and the US stopped raising interest rates, etc., the chief executive officer of residential department of Midland, Bu Shaoming expressed. It is expected that a number of new projects will be launched in March to inject momentum into the property market, and it is believed the demand is strong, but the second-hand transaction volume is still subject to the speed of first hand property sales.

The boom market starts, the sales of the first-hand property inventory was significantly accelerated after the Lunar New Year, with the average daily turnover in first hand property market recently registered of about 40 cases, which was quite ideal, the president of Ricacorp, Liao Weiqiang expressed.

Large-scale new projects are continued to be promoted. It is estimated the sales will be hot.

‘It is believed that the sales of the large-scale new projects being put on sale in March will be very prosperous as long as the pricing is reasonable; As for the second hand property market, the property prices rebounded after a half-year of adjustment, and buyers are eager to enter the market, also the counter-price from the owners increased, so both first hand and second hand property markets are both in good trend’ he said.

Ricacorp had recorded 21 cases of second hand property trading among ten leading housing projects on weekend, up 40% more by week, becoming the latest peak since the beginning of February last year.
Translated by 28Hse.com . All right reserved.