Hong Kong’s residential property transactions fall in July from a month earlier
Analysts say they expect a rebound in the market in the second half of this year
Overall property deals in July – covering homes, office units, shops, industrial premises and car parking slots – dipped 0.8 per cent from June to 7,212, the Land Registry said on Monday. Property worth HK$54.6 billion (US$7 billion) changed hands, down 17.8 per cent from a month earlier.
Housing transaction value fell 24.1 per cent from June to July to HK$46.4 billion, while the number of deals dropped 3.2 per cent to 5,766 units. The primary and secondary housing markets posted month-on-month declines of 43.3 per cent and 0.7 per cent, respectively.
Despite the drop, the city’s residential segment has maintained its overall recovery trend, with transaction volume exceeding 5,000 units for five months straight – the first time since a market downturn began in late 2021, according to CBRE.
“We expect developers actively pushing units below HK$5 million to tap the trend in order to clear more inventories,” he said. Kwok also expected transaction volume to increase steadily over the coming months, resulting in positive growth in the second half from a year earlier.