Midland Realty: Hong Kong's property market enters a "Golden October," with monthly first-hand transactions expected to exceed 2,000 deals.

MIDLAND HOLDING Chief Executive and Midland Realty Executive Director Ma Tai-yeung said that Hong Kong's new-home market has become active again since August and grew even more brisk in September. In mid-September, the "Hong Kong First Five-Year Plan" and the new Policy Address were announced, laying a more solid policy foundation for the long-term healthy development of Hong Kong's property market and strengthening market confidence in the outlook. Benefiting from multiple positive factors, including Hong Kong interest rates not following an increase, Hong Kong's property market has entered a "Golden October," with property transactions clearly becoming more active, developers accelerating their launch pace, and purchasing power continuing to be released. This drove first-hand transactions to about 1,400 deals in September, rising for two consecutive months and hitting a four-month high, reflecting a steady recovery in first-hand market demand. Looking ahead, Ma Tai-yeung pointed out that following September's strong first-hand momentum, multiple new projects are preparing to launch in October, making market supply more diversified. Of particular note, some projects have set quite attractive prices, which are expected to trigger a release of purchasing power. Driven by both launch volume and attractive pricing, the brisk momentum in the first-hand market is expected to continue in October. If developers' launch pace is ideal, first-hand transactions for the full month are expected to exceed 2,000 deals, not only marking more than 1,000 deals for three consecutive months, but also likely giving the fourth-quarter property market a strong start. Ma Tai-yeung said that the new-home market has performed briskly this year, with first-hand sales continuing to show strong money-attracting power and outstanding performance. Based on data from the Sales of First-hand Residential Properties Electronic Platform and market information, the transaction value of Hong Kong first-hand private residential properties in the first nine months of this year has already exceeded HK$190 billion, a quite ideal performance. Based on the current launch pace and absorption strength, it is believed that the HK$200 billion mark can be further surpassed within October. That would make this the fastest year to break through HK$200 billion since 2017, fully showing that the pace of money absorption in this year's new-home market has clearly accelerated.