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Decline in Transactions for Major Housing Estates Amid New Project Launches

Squarefoot Editor  2024-05-16  #Property Hit News

According to Midland Realty, transactions within 10 major housing estates dropped significantly in the first half of May compared to the same period last month. The interest from buyers has shifted towards newly launched projects.

Data from Midland Realty indicates that there were only 55 transactions recorded in the first half of May across the 10 blue-chip housing estates, marking a decline of about 36.8 percent from the 87 transactions in April.

Sammy Po Siu-ming, the chief executive of Midland's residential division for Hong Kong and Macau, explained that the market focus has shifted to first-hand flats. This shift comes as developers accelerate the introduction of new projects and offer discounts to attract buyers following the removal of all housing restrictions in late February. This strategy has diluted the purchasing power for second-hand flats.

Despite the downturn in secondary market transactions, Po anticipates an increase in overall residential transactions in the property market for the next quarter, both on a quarterly and yearly basis.

By districts, significant decreases were noted: Taikoo Shing, Kornhill, and South Horizons on Hong Kong Island saw a sharp drop, with only 11 transactions representing a month-on-month decline of 66.7 percent. In Kowloon, Laguna City, Whampoa Garden, Metro City, and Mei Foo Sun Chuen combined for 24 transactions, down 35.1 percent from the previous month. Conversely, in the New Territories, Caribbean Coast, City One Shatin, and Kingswood Villas experienced an uptick, posting a total of 20 transactions, a 17.6 percent rise month-on-month. 

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