Housing market cooled off in the second quarter with total registered transactions for residential property fell 13% q-o-q to 12,199 due to the prospects for further interest rates increase and the failure of China’s recovery to live up to high expectations.
Of the total agreements recorded during the Q2, only 8,630 were specifically for the secondary market, indicating a 23% decrease from a quarter earlier. Nevertheless, new home sales saw a substantial 27% q-o-q increase to 3,569 registered contracts, hitting a 3-quarter high, mainly bolstered by the decent sales of competitively priced new projects.
The luxury homes market bucked the downward trend in the local property market. For instance, a 7,042 sq ft (s.a.) detached house at Mount Nicholson in The Peak, was transacted at……
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