According to Midland: The transaction of new private residential properties in Hong Kong increased by 9.3% in the first seven months of this year compared to the same period last year, with the total usable area reaching a new high for the same period in seven years.

Centaline Property analyst Cen Songqian pointed out that this year, the sales market for first-hand residential properties has noticeably warmed up, with new developments performing well. According to data from Centaline Propertys Research Center, which collates information from the 'First-Hand Residential Property Sales Information Network' and market news, the transaction volume for first-hand private residences in Hong Kong recorded 12,347 cases in the first seven months of this year, an increase of approximately 9.3% year-on-year. Notably, the total usable area involved in these transactions was about 6.67 million square feet, up approximately 20.8% from around 5.53 million square feet during the same period last year, marking the highest level for this period in seven years since 2019. Cen Songqian continued to indicate that using "total transaction area" as a measurement metric is a more accurate reflection of the market's absorption capability compared to analyzing by the number of transactions, especially when the distribution of unit areas is uneven, or development projects include diverse unit types. The "total area" metric better captures the actual sales velocity and market absorption capacity. The year-on-year increase in the total usable area involved in first-hand transactions is significantly stronger than the increase in the number of transactions, due to the activation of the change of residence chain this year, which has led to a noticeable increase in transactions for medium-sized and large units. By unit area classification, class C units with usable areas ranging from approximately 753 to 1,075 square feet saw 938 transactions in the first seven months, representing a year-on-year surge of about 85.7%. Class D and E units also recorded year-on-year increases of approximately 62% and 51.7%, respectively, reflecting the gradual release of demand for upgrading residences. However, market transactions are still dominated by small and medium-sized units. Class A and Class B units recorded 5,785 and 4,842 transactions, respectively, during the same period, with relatively stable year-on-year performance, where Class A units increased by approximately 6.7% and Class B units saw a slight decline of about 0.7%, indicating that the demand for small and medium-sized units continues to be a market pillar. Cen Songqian noted that with the significant increase in transactions for medium-sized and large units in the first seven months of this year, the average usable area per first-hand private residence transaction rose to approximately 541 square feet, about 7% higher than last year's annual average of approximately 505 square feet. Additionally, the average usable area per first-hand transaction has rebounded from an average of about 480 square feet in 2022, reaching a near five-year high; however, it still falls more than 25% short of the average of approximately 728 square feet in 2014.