Hong Kong Property: In the first nine months of this year, the transaction value of Hong Kong's first-hand residential properties exceeded HKD 190 billion, a year-on-year surge of about 30.6%.

Wang Pin-di, Director of Research at Hong Kong Property, said that based on data from the First-hand Residential Properties Sales Information Website and market intelligence compiled by the Research Department of Hong Kong Property, 14,876 first-hand transactions were recorded in the first nine months of this year, a slight decrease of about 1.8% from 15,153 in the same period last year, but still the second-highest in nearly seven years. In terms of value, performance was even more outstanding, with first-hand transactions involving about HKD 191.59 billion during the period, a surge of about 30.6% from about HKD 146.73 billion in the same period last year, setting a new record high for the same period since the commencement of the First-hand Residential Properties Sales Ordinance. The significant year-on-year performance in first-hand transaction value was mainly driven by the year-on-year improvement in transactions of medium- to high-priced properties. If first-hand transaction volume in the first nine months of this year is divided by value and compared year on year, 6,736 first-hand transactions were recorded at over HKD 6 million to HKD 10 million, an increase of about 58.6% from 4,246 in the same period last year; 4,613 first-hand transactions were recorded at over HKD 10 million, an increase of about 43.3% from 3,219 in the same period last year. In addition, the luxury market performed quite ideally this year, becoming another reason why first-hand value outperformed transaction volume. In the first nine months of this year, 416 first-hand transactions were recorded at over HKD 50 million, already exceeding the 386 recorded in the whole of last year by about 7.8%, setting a new record high since the First-hand Residential Properties Sales Ordinance in 2013. Among them, The Henderson in Mid-Levels West ranked first with 41 first-hand transactions at over HKD 50 million, Cullinan Harbour in Kai Tak ranked second with 30 first-hand transactions at over HKD 50 million, and Villa La Plage in Kowloon Tong followed closely with 26 first-hand transactions at over HKD 50 million.