2024-04-25 28Hse Editor
(Zhou Xiaojing) The full reopening of borders between Hong Kong and the mainland has heated up the second-hand property market. In the first weekend after full customs clearance, the number of flat viewings from prospective mainland customers skyrocketed in Lo Wu. Over the weekend, Hong Kong’s major property developers recorded 12 to 26 second-hand transactions in the top ten housing estates respectively, and transaction volume made steady gains. Louis Chan Wing-kit, Vice Chairman and Chief Executive Officer (Residential) of Centaline’s Asia Pacific Department, said that the volume of second-hand transactions has continued to rise recently, and the first-hand market has more than 20 transactions per day. With a rise in new homes ready for development, the overall property market is booming.
Taikoo Shing recorded 12 transactions in a month
According to Centaline, the top ten housing estates recorded 24 transactions over the weekend, two more on a weekly basis, recording double-digit transactions for 8 consecutive weeks, and have stabilized at 20 deals for two consecutive weeks. Among them, Hong Kong Island performed well. The market in Taikoo Shing continued to be lively during the month, recording 12 transactions with an average price of HK$17,100 per square foot and two transactions in the past weekend.
Other property agents also expect the market to pick up. Willy Liu, chief executive of Ricacorp, attributes this to the increased number of people arriving in Hong Kong, which has gradually driven the local retail consumption market, Hong Kong not following the United States to further raise interest rates, and developers’ accelerated pace in launching projects. Buyers are also optimistic about property prices and the market outlook. The top ten housing estates recorded 23 transactions in the past weekend, an increase of 28 per cent week-on-week, reaching a new high in nearly 6 weeks.
Sammy Po Siu-ming, chief executive (Hong Kong and Macau) of the Residential Department at Midland, believes that the launch of new large-scale housing will continue to boost purchasing power. It is estimated that for the short term, the property market will continue to maintain momentum, with first and second-hand properties expected to see a boost in both price and transaction volume. Property prices are expected to maintain a steady upward trend, and are even expected to see an increase of about 3 per cent in the next two months. The bank recorded 26 transactions in the past weekend, a six-week high.
The top 10 housing estates in Hong Kong recorded a total of 12 second-hand transactions in the past two days, a slight drop of 14% week-on-week.
New properties sell a total of 30 units in two days
This week, developers are launching new projects one after another, and the remaining first-hand properties have also seen good results. In the past weekend, there were about 30 transactions in the first-hand market. Kowloon Development’s Manor Hill in Tseung Kwan sold 36 units yesterday and, with a new mortgage discount, 8 units were sold by 5pm.
Henderson Land Development's ONE INNOVALE-Bellevue in Fanling launched 82 units the day before yesterday, and 9 units were sold, cashing in some HK$43.4403 million. In addition, there were two more transactions in South Land, Hong Kong Island at Wong Chuk Hang Station, at HK$99.377 million.
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