Hong Kong home sales surge after removal of cooling measures | HK Weekend Property Market Recap

After the removal of cooling measures, the Hong Kong property market saw a surge in home sales during the first weekend since the curbs were lifted, although there was no significant increase in property prices.

Henderson Land's Belgravia Place, which is the first new development to launch post-Budget, has garnered considerable attention. On Sunday, the project achieved a complete sell-out of 138 units, with prices ranging from about HK$3.16 million to HK$7.52 million. This marks the first time in nearly seven months that a new development was sold out in one day, since the sale of The Coast Line II in August last year.

Meanwhile, the first-hand market saw about 448 transactions in two days, not just a new high in nearly seven months but also surpassing February’s total of 270 transactions. Industry estimates suggest that this month's transaction volume could reach 1,500 units, potentially setting a new annual record. With an improved trading atmosphere, developers are adapting their sales strategies.

To maintain momentum, Henderson Land may launch two new developments this month, namely Parkwood and Square Mile Phase 5. Turning to the second-hand market, industry reports suggest that since the budget announcement, some buyers have started entering the market, leading to a surge in weekend transaction volumes.