47 Meliun: Hong Kong property market volume and prices rise together, overall property registration volume breaks 70,000 for the first time in 4 years.

The property market in Hong Kong has performed well this year, with both transaction volume and value increasing. According to data from the Lands Registry compiled by Midland Realty Research Center, as of November 24th, a total of 70,245 property transactions (including first-hand private residential units, second-hand residential units, first-hand public housing units, commercial properties, parking spaces, and others) have been recorded in Hong Kong this year, representing a 3.3% increase compared to the full year total of 67,979 transactions last year, and surpassing the 70,000 mark for the first time since 2021. In terms of value, the total transaction value for properties in Hong Kong has reached HK$536.83 billion this year, exceeding the full year total of HK$534.14 billion last year by approximately 0.5%. Midland Realty analyst Samson Sum pointed out that the residential market in Hong Kong has continued to improve this year due to various favorable factors, including rising rents, declining interest rates, the "buying over renting" trend, which encourages tenants to become buyers, and an accelerated pace of market entry. The high rental yield has attracted long-term investors to enter the market actively, coupled with policy support such as the reduction of stamp duty for residential properties by the Hong Kong government, as well as developers actively launching new projects and accelerating sales, resulting in an ideal performance in the residential market this year. At the same time, the non-residential property market in Hong Kong has also shown impressive performance, with transaction volumes and values rising in tandem with the residential market, collectively pushing the total transaction value of properties in Hong Kong to a new high this year. It is expected that the total transaction volume of properties for the whole year could reach about 79,000 transactions, and the total transaction value is estimated to challenge HK$600 billion, both reaching new highs in four years. In the residential sector, excluding first-hand public housing units, a total of 59,001 transactions of first-hand private residential units and second-hand residential units have been recorded in Hong Kong this year as of November 24th, representing a 2.4% increase compared to the full year total of 57,602 transactions last year. The total transaction value during the same period was HK$467.2 billion, slightly higher than the full year total of HK$467.09 billion last year, by approximately 0.02%. In the non-residential sector, transaction volumes and values have also increased in tandem, with a total of 8,780 transactions of commercial properties, parking spaces, and others recorded in Hong Kong this year as of November 24th, involving a total value of approximately HK$62.16 billion. This represents a 5.5% increase in transactions and a 0.8% increase in value compared to the full year total of 8,322 transactions and HK$61.64 billion last year. With the simultaneous increase in transaction volumes and values in both residential and non-residential markets, the overall property market in Hong Kong has shown outstanding performance this year.