U.S. Link: The number of transactions for first-hand residential properties in Hong Kong priced at 4 million Hong Kong dollars or below reached 1,164, setting a new record in 9 years.

This year, there are many new small-priced properties entering the Hong Kong market. With the cooperation of reducing the property stamp duty to HK$100 for properties of HK$4 million or less in the February budget, the number of first-hand transactions of HK$4 million or less has surpassed 1160 in less than 5 months. According to data and market news from the Midland Realty Research Center, as of May 19th this year, there have been a total of 1164 first-hand transactions of HK$4 million or less, which is about 3.3% higher than the total of 1127 for the whole of last year. This is the highest in 9 years since 2016 and the second highest level since the implementation of the first-hand sales regulations in 2013. Midland Realty's Chief Analyst Liu Jia Hui pointed out that among the 1164 first-hand transactions of HK$4 million or less, Tuen Mun has the most with 356 transactions, followed by Yuen Long with 210 transactions, and Tai Po with 209 transactions. Among the top 10 districts with the highest number of first-hand transactions of HK$4 million or less this year, most are in the New Territories, especially in the northwest. Nevertheless, there are also some new developments in the urban areas offering properties of HK$4 million or less, with Ma Tau Kok (36 transactions), Shau Kei Wan (34 transactions), Cheung Sha Wan (12 transactions), Tsz Wan Shan, Diamond Hill, and San Po Kong (11 transactions) making it to the top ten.