Hong Kong Property: Top Ten Indicators, Number of Buildings Booked for Viewing on the Rise for Three Consecutive Weeks, Expected to See a Low Single-digit Increase in Property Prices for the Whole Year

According to the statistics of the Hong Kong property branch, the top ten estates in terms of appointment viewing volume recorded approximately 449 appointments over the weekend (November 8th to 9th), an increase of 2.5% compared to the previous week. Not only has this number increased for three consecutive weeks, but it has also hit a new high for the year. Director Wang Pindi of the Hong Kong property research department predicts that property prices are expected to see low single-digit growth for the year, reversing the downward trend of the past three years. Developers have clearly accelerated their pace of launching new properties, with several new developments set to be introduced in November. It is projected that the number of first-hand property transactions for the month could once again reach 2,000, marking the tenth consecutive month of transactions exceeding a thousand and setting a new record for the longest streak. If this momentum continues, the total number of first-hand residential transactions for the year may even challenge 19,000, reaching a new high since the implementation of the Residential Properties (First-hand Sales) Ordinance in 2013. Rising rents have also sparked demand for "rent-to-buy" and attracted long-term investors to the market, benefiting the second-hand market as well. According to the statistics of the Hong Kong property branch, in terms of appointment viewing volume for the top ten estates, appointments in different districts were as follows: 29 for Hong Kong Island (a decrease of 6.5% from the previous week), 226 for Kowloon (an increase of 3.2% from the previous week), and 194 for the New Territories (an increase of 3.2% from the previous week).