Centaline Property and Midland Realty both recorded 5 transactions across the top ten housing estates over the weekend: down more than 40% week-on-week.

Centaline Property recorded a total of 5 transactions across the top ten housing estates over the past weekend (October 3 and 4), down 44.4% from 9 transactions the previous weekend, with 7 housing estates recording zero transactions. Chen Yongjie, Vice Chairman of Centaline Property Asia-Pacific and President of the Residential Department, said that entering October, the overall market conditions are positive, with developers eager to seize the opportunity to launch projects, capture market purchasing power, price close to market levels, and offer diverse locations and types, grabbing considerable market attention. He expects the market focus this month to fall on first-hand new projects, with the secondary market coming under slight pressure in the short term, and anticipates that disappointed buyers will return to the secondary market by month-end, driving simultaneous buoyancy in the secondary market. Data from another agency, Midland Realty, shows that about 5 transactions were recorded across the top ten benchmark housing estates over the past weekend, down about 44.4% from 9 transactions the previous weekend; when counting the top 15 housing estates, about 6 transactions were recorded over the past weekend, down about 40% from 10 transactions the previous weekend. Buggle Lau, Senior Director of Midland Realty, said that new projects are being launched at attractive prices, stimulating the release of purchasing power and driving first-hand transactions to record over a thousand deals for two consecutive months. He expects a large batch of new projects to continue coming onto the market in October, which will surely see a flourishing of offerings, with the full month potentially reaching an active level of over 2,000 transactions. Over the past weekend, the second round of sales at a new project in Southwest Kowloon sold out on the same day, while a new project in Yau Tong received subscriptions in its first weekend, seizing market focus and freezing capital and purchasing power, causing secondary market transactions to fluctuate at low levels. However, as some disappointed first-hand buyers gradually return to the secondary market to "hunt for bargains," this is expected to inject momentum and support into the secondary market.