2023-07-04 15:00:00
Source title: Hong Kong property sales have dropped for 3 months in a row Expert: Wait for the new market to reverse the decline
China News Service, Hong Kong, July 4 (Reporter Wei Huadu) The Land Registry of the Hong Kong Special Administrative Region Government announced on the 4th that in June 2023, a total of 4,777 building sales contracts of all types were sent to the Land Registry for registration, a decrease of 9.6 from the previous month. %, recorded a decline for three consecutive months.
Among the above sales and purchase contracts, residential property sales contracts accounted for 3,613, a decrease of 9.7% from the previous month; the total value of residential property sales contracts was 33.6 billion Hong Kong dollars, a decrease of 8.6% from the previous month.
Chen Haichao, head of the research department of Ricage Real Estate in Hong Kong, said that the above data mainly reflect the actual situation of the property market from mid-May to early June this year. In terms of first-hand housing, the market was waiting to see the changes in the interest rates in mid-June. Both developers and buyers were more cautious, while the owners of second-hand housing had a limited reduction, which led to disagreements between buyers and sellers, dragging down the continued decline in sales registrations.
The total value of all building sales contracts in June this year was 39.7 billion Hong Kong dollars, a decrease of 11% from the previous month, and the performance of the non-residential market was also weak. Chen Haichao said that the overall decline in industrial and commercial shops and parking spaces has dragged down the number of non-residential property registrations to turn down once more.
Chen Haichao believes that the Hong Kong property market is currently in a consolidation phase. Although the United States and Hong Kong suspended interest rate hikes in mid-June, there are still opportunities for interest rate hikes in the future, making buyers cautious when entering the market. The overall building transaction registration volume continued to shrink in the month. However, he believes that the market will soon have a larger new market, and it is expected that the number of building transaction registrations will pick up in August. (over)
China News Service, Hong Kong, July 4 (Reporter Wei Huadu) The Land Registry of the Hong Kong Special Administrative Region Government announced on the 4th that in June 2023, a total of 4,777 building sales contracts of all types were sent to the Land Registry for registration, a decrease of 9.6 from the previous month. %, recorded a decline for three consecutive months.
Among the above sales and purchase contracts, residential property sales contracts accounted for 3,613, a decrease of 9.7% from the previous month; the total value of residential property sales contracts was 33.6 billion Hong Kong dollars, a decrease of 8.6% from the previous month.
Chen Haichao, head of the research department of Ricage Real Estate in Hong Kong, said that the above data mainly reflect the actual situation of the property market from mid-May to early June this year. In terms of first-hand housing, the market was waiting to see the changes in the interest rates in mid-June. Both developers and buyers were more cautious, while the owners of second-hand housing had a limited reduction, which led to disagreements between buyers and sellers, dragging down the continued decline in sales registrations.
The total value of all building sales contracts in June this year was 39.7 billion Hong Kong dollars, a decrease of 11% from the previous month, and the performance of the non-residential market was also weak. Chen Haichao said that the overall decline in industrial and commercial shops and parking spaces has dragged down the number of non-residential property registrations to turn down once more.
Chen Haichao believes that the Hong Kong property market is currently in a consolidation phase. Although the United States and Hong Kong suspended interest rate hikes in mid-June, there are still opportunities for interest rate hikes in the future, making buyers cautious when entering the market. The overall building transaction registration volume continued to shrink in the month. However, he believes that the market will soon have a larger new market, and it is expected that the number of building transaction registrations will pick up in August. (over)
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