Lei Garden: 452 second-hand public housing units in Hong Kong were recorded in July, an increase of 9% compared to the previous month.

Chen Haichao, head of the research department of Ricacorp Properties, said that with positive factors such as the previous drop in Hong Kong interest rates, the trading atmosphere in the Hong Kong property market has improved, leading to a faster turnover of second-hand public housing. According to the latest data from the Land Registry, there were 452 cases of second-hand public housing transactions in Hong Kong recorded in July (mainly reflecting the market conditions from mid-June to early July in the second-hand and free markets), an increase of 9% compared to the 414 cases in June. The total transaction value during the period was approximately HK$17.66 billion, an increase of about 13% from the previous month's HK$15.69 billion. In terms of selling prices, the average selling price of second-hand public housing in July was approximately HK$3.907 million per case, a 3.1% increase from June's HK$3.790 million, reaching a new high for the past seven months and the year. This reflects the low interest rate environment since May, which has boosted trading in second-hand public housing. Additionally, with the overall improvement in the property market, owners have regained confidence in holding onto their properties, gradually increasing their asking prices. Furthermore, notable transactions in the past month included the registration of a high-level unit A at the Fook Ka Garden in Tai Wai with the highest transaction amount, transferring at HK$7.598 million for an approximate area of 583 square feet, equivalent to an average price of HK$13,033 per square foot. Analyses based on property prices showed an increase in trading volume in three price groups. The group with values of HK$6 million or above had 18 recorded second-hand public housing transactions in July, an increase of 80% compared to the previous month. The group with the most active registrations within the HK$3-4 million bracket recorded 197 cases, almost 20% higher than the 165 cases in June, maintaining its position as the most popular group for registration. In terms of regions, Kowloon recorded 114 registrations in July, a slight decrease of 2% compared to the previous month; Hong Kong Island saw an increase of 2% with 47 registrations; while the New Territories recorded 291 cases, a significant increase of 15% compared to the previous month. In terms of specific housing estates, Kowloon Bay Lai Ching Garden saw a significant increase in registrations in July compared to the previous month, taking the top spot with 17 transactions. Lung Poon Court, Yuet Chui Court, and Ching Wah Court jointly captured the second place with 10 transactions each. Among these, Yuet Chui Court and Ching Wah Court saw the highest increase in registration volume by 2.33 times from the previous month. The total transaction amounts for these two estates also increased significantly by 3.17 times and 3.88 times respectively, involving HK$57.788 million and HK$33.54 million. Chen Haichao pointed out that last month was still within the "Public Housing 2024" selection period, leading to a diversion of some of the customer sources for second-hand public housing. Many public housing owners are optimistic about the future market and have adopted a more aggressive attitude towards listing prices, which may hinder the trading of second-hand public housing. Therefore, it is expected that the registration volume for second-hand public housing in August may be slightly suppressed, falling to around 430 cases. However, as the selection of new public housing units completes, it is believed that the demand will gradually return to the second-hand market.