Hong Kong Real Estate: A total of 1837 transactions of second-hand residential properties were registered in Hong Kong so far this month, representing a 24% decrease compared to last month.

21:15 24/09/2024

Wang Pindi, director of the Hong Kong Property Research Department, stated that according to data from the Land Registry, there were 1837 registered transactions of second-hand residential properties in Hong Kong so far this month (as of the 23rd), a decrease of about 20.4% compared to the same period last month when there were 2309 transactions.

Director of the Property Research Department of Hong Kong, Wang Pindi, stated that according to data from the Land Registry, as of the 23rd of this month, there have been 1837 registrations of second-hand residential properties in Hong Kong, a decrease of about 20.4% compared to the same period last month when there were 2309 registrations. In addition, there have been 187 registrations of second-hand residential properties valued over 10 million Hong Kong dollars so far this month, a decrease of about 24% compared to the same period last month, showing a significant decline compared to the overall market. Given that the registration of cases in September generally reflects the market conditions in August, as it takes time from signing the sales contract to registration at the Land Registry. At the same time, the proportion of registrations of second-hand residential properties valued over 10 million Hong Kong dollars compared to the total registrations of second-hand residential properties has decreased from around 10.6% in August to about 10.2% as of this month, reaching a new low in over 7 and a half years. When looking at the performance of registrations of second-hand residential properties valued over 10 million Hong Kong dollars compared to the same period last month in the districts of Hong Kong Island, Kowloon, and the New Territories so far this month, Kowloon has seen the largest decline with 52 registrations, a decrease of about 31.6% compared to the same period last month. The New Territories saw 62 registrations, a decrease of about 30.3% compared to the same period last month. Hong Kong Island had the smallest decline with 73 registrations, a decrease of about 9.9% compared to the same period last month. Regarding the rankings of residential estates with registrations of second-hand residential properties valued over 10 million Hong Kong dollars so far this month, Taikoo Shing and La Lumiere are tied for first place with 5 registrations each, with Taikoo Shing remaining stable compared to the same period last month and La Lumiere seeing a decrease of about 16.7% compared to the same period last month.

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