Ricacorp: October Hong Kong first-hand private residential transactions record 1,376 cases, down 5% month-on-month

Ricacorp Properties' Head of Research Department, Chen Haichao, said that after a sharp rise in September, Hong Kong's first-hand new residential transaction registrations edged down in October, but overall trading activity remained strong, holding steady above the 1,000-case level for two consecutive months. According to consolidated Land Registry data, Hong Kong recorded a total of 1,376 first-hand private residential sale and purchase registrations in October, with a total value of HK$18.534 billion, down 5% and 12% respectively from 1,447 cases and HK$21.030 billion in September. Although the number of cases edged down after rising for two consecutive months, it was still the second-highest in the past four months, and the value also fell in tandem. By district, new project registrations across Hong Kong's three districts in October showed a "one up, two down" pattern, with Hong Kong Island performing most prominently, surging nearly 1.4 times month-on-month. This was mainly because a brand-new project on Hong Kong Island sold well during the month and recorded a concentration of registrations, driving October's first-hand private residential registrations on Hong Kong Island to 264 cases, up 1.38 times sharply from 111 cases in September. During the period, the total value of sale and purchase registrations on Hong Kong Island also increased 12% to HK$6.624 billion. In Kowloon, although registrations edged down 5% month-on-month to 903 cases (946 cases in September), performance remained steady, accounting for as much as 65.6% of Hong Kong's overall registrations and continuing to be the main battleground for transactions. During the period, the value of registrations involving Kowloon decreased 13% month-on-month to HK$9.745 billion, with both volume and value showing a slight pullback. As for the New Territories, lacking support from large-scale new projects, registrations saw a more significant decline. In October, first-hand private residential sale and purchase registrations in the New Territories recorded only 209 cases, plunging 46% from 390 cases in September; the value of sale and purchase registrations during the month also fell 46% in tandem, involving only HK$2.165 billion, the largest decline among the three districts. By project, "The Vantage II" in Cheung Sha Wan recorded a total of 335 registrations in October, strongly topping the best-selling list, with a total registration value of HK$3.513 billion and an average transaction price of about HK$10.49 million per case; next were 182 cases at "Royal Zenith" in North Point and 147 cases at "Ocean Crest Phase 1" in Yau Tong. Within the ranking, the highest average sale and purchase transaction price per case was HK$18.17 million at "The Coastline Phase 1" in To Kwa Wan, while HK$5.58 million at "Verdant Grove" in Yuen Long was among the lower average prices. Looking ahead to November, Chen Haichao noted that since late October, multiple developers have continued to actively launch projects, with new project pricing close to market conditions, continued release of rigid market demand, and ideal responses to successive sales. It is estimated that more than 1,000 immediate transactions will fall into November's registration figures. Although immediate transactions have slowed slightly since the start of this month, new projects are still being sold successively, so it is expected that first-hand private residential sale and purchase registrations in November have a chance to record around 1,650 cases, an estimated increase of about 20% month-on-month, with the potential to challenge a near-five-month high.