2025-02-21 28Hse Editor
Secondary-market transactions in 10 key housing estates surged to a 43-week peak this past weekend, with sellers reducing prices to secure deals before the year's end.
Midland Realty data showed a 41.7 percent rise from the previous week, with 17 properties changing hands. Including New Year's Day sales, the total edged up to 18, still 38 percent lower than the same period last year.
Hong Kong Island maintained its previous count of five transactions, while Kowloon's four estates tripled their sales to six. The New Territories saw a 20 percent increase to six sales. Overall, December witnessed a 5 percent monthly increase to 147 transactions within these estates.
Centaline Property Agency reported a 16.7 percent jump in weekend transactions to 14, marking the highest figure in 35 weeks, and a total of 16 across the holiday period.
Despite no new major launches, the secondary market took center stage. According to Sammy Po Siu-ming, Midland's residential division CEO for Hong Kong and Macau, existing home markets may feel pressure as developers are expected to offer competitive prices for inventory reduction. Po also urged the government to lift all property cooling measures in the upcoming budget.
A highlight deal was a 670-square-foot apartment at Tierra Verde in Tsing Yi, which went for HK$10.06 million or HK$15,015 per square foot, as reported by Ricacorp Properties. The seller, who bought the unit for HK$9.7 million, is set to incur a net loss after expenses, despite a HK$360,000 gain on paper.
Meanwhile, Sino Land's One Soho in Mong Kok saw two units sold, sized at 320 square feet each, fetching HK$6.25 million and HK$5.98 million, corresponding to HK$19,543 and HK$18,688 per square foot, respectively.
Like
