2025-02-21 28Hse Editor
Over the weekend, the 10 major housing estates in Hong Kong recorded 15 transactions, marking a 1.1x rebound compared to the previous week. This brings the number of transactions back to double digits, reaching levels last seen three months ago. The number of estates with zero transactions also narrowed to three.
According to Centaline Property, noted that the lack of new project launches in the primary market has shifted purchasing power to the secondary market. As the year-end approaches, many sellers are expanding their room for negotiation, attracting more buyers to the market.
On Hong Kong Island, Kornhill stood out with 5 transactions over the weekend, including three 2-bedroom units and two 3-bedroom units, pushing its monthly total to 7 transactions—already surpassing last month's total of 4.
The recent uptick in transactions is attributed to increased bargaining space offered by sellers as the holiday season approaches. For example, a mid-floor unit in Block D, with a usable area of 596 square feet and a 3-bedroom layout, sold for HK$6 million, translating to HK$10,067 per square foot—a slight drop compared to last month.
In Kowloon, the transaction pace has slowed as year-end approaches. Over the weekend, Whampoa Garden recorded two transactions, bringing its monthly total to four. Among them, a mid-floor unit in Block 9, Phase 9, with a usable area of 771 square feet and a 3-bedroom plus helper's room layout, sold for HK$8.9 million (HK$11,543 per square foot).
The seller, who purchased the unit in October 2017 for HK$10.638 million, sold it at a loss of HK$1.738 million, or 16%, after holding the property for 7 years. This reflects increasing pressure on some owners to offload properties at a loss.
In the New Territories, City One Shatin recorded one transaction over the weekend. The unit, located on a mid-floor in Block 51 with a usable area of 284 square feet and a 2-bedroom layout, was originally listed at HK$4.1 million. The original owner, who purchased the property years ago for around HK$200,000, expanded the discount to HK$375,000, selling the unit for HK$3.75 million (HK$13,204 per square foot). The buyer—a first-time homeowner couple—jumped on the rare sub-HK$4 million price as soon as it became available.
Meanwhile, Caribbean Coast in Tung Chung recorded one transaction over the weekend, unchanged from the previous week. The unit, a high-floor apartment in Block 7 with a usable area of 737 square feet and a 3-bedroom en-suite layout with sea views, sold for HK$7.5 million (HK$10,176 per square foot). The original owner purchased it in August 2014 for HK$5.99 million and made a HK$1.51 million profit, reflecting a 25% appreciation over 10 years.
The weekend rebound in transactions among major housing estates highlights a year-end push by both buyers and sellers. Buyers are taking advantage of increased discounts, while sellers are motivated to close deals before the holidays. With expectations of further interest rate cuts, the secondary market is likely to remain active in the coming weeks.
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