2025-02-21 28Hse Editor
Over the weekend, the top 10 blue-chip housing estates recorded zero transactions, a new low not seen in nearly a year. This ties with the record low recorded during the same period last year. Across the entire five-day Lunar New Year holiday, only three transactions were reported among the top 10 blue-chip housing estates, with seven of them recording no sales at all.
Louis Chan Wing-kit, Centaline’s Asia Pacific vice chairman of the residential division, explained that the Lunar New Year traditionally brings a quiet period for the property market. Residents are preoccupied with family gatherings, celebrations, and travelling abroad, which significantly reduces second-hand property transactions. Additionally, some buyers have shifted their focus to the primary market. For example, more than 50 transactions were recorded during the holiday for new developments like Gold Coast Bay The Reserve in Tuen Mun, but the overall activity was moderate rather than robust.
Market sentiment remains cautious, with many potential buyers adopting a "wait-and-see" approach. Analysts predict that the usual “Spring Bounce," where the market sees increased activity, might be delayed this year due to mixed market conditions.
On Hong Kong Island, none of the major housing estates, including Taikoo Shing, Kornhill, and South Horizons, recorded any transactions during the five-day holiday. Taikoo Shing recorded 14 transactions in January, but the average price per square foot dropped 3% month-on-month to HK$14,110. In Kowloon, among the four major estates (Mei Foo Sun Chuen, Laguna City, Whampoa Garden, and Metro City), only Mei Foo Sun Chuen recorded a single transaction. A 3-bedroom unit sold for HK$7.3 million at an average price of HK$8,391 per square foot. In the New Territories, City One Shatin and Caribbean Coast each recorded one transaction during the holiday. A unit in City One sold for HK$5.63 million, representing an 18.6% loss for the seller, who had purchased it in 2019 for HK$6.92 million.
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