Buyers Return to Secondary Market: Top 10 Estates See 11 Weekend Transactions, Up 57%

Buyers who missed out on new property launches are now returning to the secondary market, with the top 10 blue-chip housing estates in Hong Kong recording 11 transactions over the weekend. This marks an increase of four deals, or 57.1%, compared to the previous week. However, four estates still recorded no transactions. According to Centaline Property Agency, the primary market has been performing strongly, with around 1,600 new home transactions recorded so far this month. It is expected that March will see a total of approximately 3,000 transactions, signifying a small rebound in the property market. This recovery has boosted property viewings and transaction activity, prompting developers to release additional units and slightly increase prices. Some buyers, having missed out on primary market opportunities, are now exploring deals in the secondary market, where overall transaction volume is expected to improve this month.

On Hong Kong Island, Taikoo Shing recorded approximately 11 transactions so far in March, with an average price of HK$15,645 per square foot based on usable area. Over the weekend, one deal was completed for a mid-floor unit in Tai Woo Mansion. The unit, with a usable area of 583 square feet and a two-bedroom layout, sold for HK$6.68 million, translating to an average price of HK$11,458 per square foot.

In Kowloon, Metro City in Tseung Kwan O reported one transaction over the weekend. The unit, located on a mid-floor in Block 2 of Phase 3, has a usable area of 406 square feet and a two-bedroom layout. It sold for HK$5.58 million, with an average price of HK$13,744 per square foot.

Mei Foo Sun Chuen recorded three transactions over the weekend, with an average price of HK$10,076 per square foot based on usable area. Among these, one notable deal involved a high-floor unit in Block 51 on Broadway Street. The unit, with a usable area of 511 square feet and a two-bedroom layout, sold for HK$5.48 million, averaging HK$10,724 per square foot. The original owner had purchased the unit in 2017 for HK$6.37 million and held it for eight years. This sale resulted in a loss of HK$890,000, or a 14% depreciation in value.

In the New Territories, City One Shatin recorded one transaction over the weekend, bringing its total for March to 14 deals, with an average price of HK$12,265 per square foot based on usable area. The weekend transaction involved a high-floor unit in Block 23, with a usable area of 327 square feet and a two-bedroom layout. Initially listed at HK$5.85 million, the property ultimately sold for HK$4.268 million, averaging HK$13,052 per square foot. The original owner had purchased the unit in 2011 for HK$2.48 million and held it for 14 years, achieving a profit of HK$1.788 million, or a 72.1% increase from the sale.

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