Midland Realty: Approximately 1,230 first-hand residential transactions in Hong Kong in February increased by over 60% year-on-year, reaching a four-month high.

16:07 04/03/2025

With the housing market picking up in February, the launch of several new developments in Hong Kong has significantly increased first-hand property transactions. The number of first-hand transactions in February reached approximately 1,230, a year-on-year increase of over 60%, setting a new high for the past four months. Many expected cases are expected to be registered and recorded this month.

The chief analyst of Midland Realty, Liu Jiahui, stated that with the real estate market warming up in February, the sale of many new developments in Hong Kong has significantly increased the trading volume of first-hand properties. Based on data from the "Residential Property Sales Information Network" and market news, the number of first-hand transactions in February was approximately 1230, a sharp increase of over 60% year-on-year, reaching a new high in 4 months. Many anticipated cases are expected to be registered this month. According to data from the Hong Kong Land Registry, the total number of property registrations in Hong Kong in February was 4307, a decrease of about 12.8% compared to January's 4938, marking a 3-month consecutive decline and hitting a new low in 5 months. As registration data lags behind, the cases registered in February generally reflect the market conditions in January. The decline in overall property registrations was attributed to the traditional off-season of the real estate market during the Lunar New Year. In terms of second-hand residential properties, there has also been a turnaround in trading in February, with a significant increase in trading volume in the past 4 weeks in 35 housing estates. In addition, the favorable measures announced last week regarding the financial budget are expected to gradually reflect in registration numbers by late March. Based on these estimations, it is expected that the overall property registration volume in March is likely to challenge the level of 5500 cases, rebounding after a 3-month decline. Liu Jiahui mentioned that the favorable measures announced in the financial budget at the end of February will benefit the Hong Kong real estate market. However, as registration data lags behind, it is anticipated that the full impact of the financial budget on the real estate market will be reflected in registration numbers in April, and the overall property registration volume is expected to further increase at that time.

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