The Hong Kong property market has entered a recovery phase. Centaline Property: It is expected that the transaction volume of second-hand homes in the top ten estates in September will likely continue to rise by 30%.

In August, Centaline Property recorded 131 transactions in the top ten residential estates in Hong Kong, an increase of 27.2% compared to the previous month. Chen Yongjie, Vice Chairman and President of the Residential Division at Centaline Property Asia Pacific, stated that both the new and second-hand markets are experiencing a simultaneous rebound this month, reflecting that after the consolidation phase in June and July, the Hong Kong property market has now entered a recovery phase. With a series of positive news this month and no negative developments visible, the Hong Kong stock market has also stabilized, significantly boosting buyer confidence to enter the market. New developments are already planned to launch in September, and it is anticipated that the volume of second-hand transactions in the top ten estates will increase by another 30% in September driven by the strong sales atmosphere in the primary market. In the Hong Kong Island region, Zhao Hongyun, Senior Regional Sales Director at Centaline Propertys Taikoo City Dongshan Pavilion, indicated that trading in Taikoo City accelerated this month, recording approximately 19 transactions, an increase of about 18.8% month-on-month, reaching a three-month high. The average usable price per square foot was approximately HKD 17,754, comparable to last month. The overall trading atmosphere in Taikoo City continues to warm up, with quality listings being quickly snapped up. However, current asking prices from property owners in the estate are generally firm, and some transactions may require lengthy negotiations. It is expected that property prices in the estate will maintain a stable upward trend in the short term. In the Kowloon district, Lou Jinghao, Chief District Sales Manager at Centaline Propertys Ap Lei Chau Lee Nam Road branch, noted that the primary market was active in August, attracting some attention away from the second-hand market. Fortunately, the buyer demographics for both segments differ to some extent, and the trading in South Horizons was not significantly impacted, recording 11 transactions this month, two more than last month, or approximately 22.2%. The latest average usable price per square foot was HKD 16,361, reflecting a month-on-month increase of 6.4%, with both price and volume rising in the overall market conditions. In the Kowloon West area, Feng Jianping, District Sales Manager at Centaline Propertys Mei Foo Mastercard Third Branch, pointed out that as we approached the end of the summer holiday, the new sales market remained lively and captured the market's attention. Fortunately, the second-hand transactions in the area were not adversely affected by the battle of new launches. Mei Foo Sun Chuen recorded a total of 15 transactions in August, consistent with the previous month, maintaining steady trading activity. The overall market atmosphere is robust, with second-hand prices in the area gradually increasing. The latest average usable price per square foot in Mei Foo Sun Chuen was HKD 11,642, representing a 7.4% month-on-month increase, reflecting ongoing buyer confidence in the future market, with expectations that the upward trend will continue into September. In the Lantau region, Guan Weihao, Deputy Division Sales Manager at Centaline Propertys Blue Bay Phase II branch, reported that New Town Plaza recorded a total of 12 transactions in August, doubling the total from July, indicating strong trading activity. This surge was due to property owners seeing new projects being launched at competitive prices, landing the spotlight. When presented with sincere buyers, some owners are also willing to consider adjusting their asking prices to attract buyers. The average usable price per square foot for the estate this month was HKD 15,355, reflecting a slight downward adjustment of 0.5%, indicating a situation of increasing volume but decreasing prices. The competition for new launches will continue into September, putting pressure on the second-hand transactions. It is believed that property owners will adopt a more moderate pricing attitude, and under the good trading atmosphere in the market, second-hand transactions in the area are expected to steadily increase. In the New Territories, Wu Zhuocheng, Deputy Regional Sales Director at Centaline Propertys Sha Tin Fortune City Branch, stated that the market atmosphere has improved due to the encouragement from the primary market. Buyers are entering confidently, with Sha Tin Fortune City recording 15 transactions this month, an increase of 25% from last month, and the average usable price per square foot was about HKD 13,778. It is anticipated that the market conditions will continue to improve in September, likely further enhancing second-hand transactions. Zhang Qiwei, District Sales Manager at Centaline Propertys Tung Chung Ying Wan Garden II branch, noted that driven by the strong sales in the primary market, trading in Tung Chung Ying Wan Garden accelerated this month, recording 10 transactions, a month-on-month increase of one fold, with an average usable price per square foot of approximately HKD 10,486. While current asking prices from second-hand owners are relatively firm, many buyers are shifting their focus to the second-hand market for "treasure hunting," due to the accumulation of numerous clients in the primary market. Overall, buyer confidence remains strong, and it is expected that transactions in the estate will continue to remain active next month.