Booming new development sales

The market was booming in February and sales for new developments have increased. The CEO of Hong Kong Property Services, Richard Lee, said ‘according to statistics from the Land Registry, 1,031 applications for new private housing have been recorded for this month alone. This is a 44 percent increase from the 716 applications recorded over the same period last month. Approximately HK$15.3 billion have passed hands, a 22.3 percent increase from the HK$12.29 billion recorded in the previous month. Property registrations for first-hand transactions rose by 3.8 percent while figures fell by 5.9 percent with second-hand transactions of the same recorded period.

Lee further posits that as of this month, the first-hand private housing ratio is approximately 20.7 percent, again breaching the 20 percent mark, a 5.3 percent increase from the 15.4 percent ratio recorded in January.

If performance is to be determined by monetary gain, the best deciding factor must be that there were 408 registration cases of properties ranging from HK$10 to $20 million. In contrast, there were only 192 such cases in January, a 1.13 percent increase. Approximately HK$5.71 million passed hands which is 1.08 times more than last month’s figure. There were 472 registrations for properties valued under HK$10 million, a 27.2 percent increase from January’s 371 registrations, and transactions for this category came to HK$3.11 million, an increase of 33.7 percent.

On the flip side, the figures of registrations for properties valued HK$20 million and above were underwhelming, coming in at a mere 151 cases this month, signifying a drop of 1.3 percent from January’s 153 cases. Transactions approximately totaled HK$6.22 million, a 14 percent decrease from last month.

Going by total figures for first-hand private housing registrations, St Barths in Ma On Shan fared the best with 236 cases, followed by OASIS KAI TAK with 105 registrations* and Vibe Centro in Kai Tak coming in third with 63 registrations and counting.

*numbers updated at the time of issue