Halfway through March, Hong Kong’s primary property market has recorded 2,573 transactions. This not only represents an eightfold increase from the 260 transactions in February but also sets a new record for monthly transactions in over three years.
With the property market picking up, developers are rushing to launch new projects. This month, four new developments have been launched, totalling 1,953 units.
The developments include Uptown East in Kowloon Bay, Seasons Place in Lohas Park, Gateway Square Mile in Tai Kok Tsui, and The Symphonie in Sham Shui Po, among others.
Over the weekend, Hong Kong’s four biggest real estate agencies recorded 15 to 28 deals for the city’s top ten blue-chip housing estates. Although nine down from last week, Centaline recorded the highest number of transactions.
Next, the secondary market saw a slowdown as buyer focus remained on low-priced first-hand projects, with blue-chip housing estates like Kornhill and Whampoa Garden recording no transactions. We then review three cases of loss-making transactions that illustrate this (Taikoo Shing, Park Yoho Genova, The Grand Marine).
