The residential market has continued to rally since October of last year. In January 2024, a total of 3,477 cases was registered for both primary and secondary markets, representing a 19% monthly increase. This marks the third consecutive monthly rise and a seven-month high.
Of these, 2,474 cases were specifically for the second-hand market, indicating a 26% increase from a month earlier and a 5-month high. The ongoing strength has been in evidence since the announcement of the easing of the ‘spicy measures’ in the 2023 Policy Address.
In a high-interest-rate environment, investment sentiment in the property market remains subdued. The home price index has fallen for nine consecutive months, resulting in a cumulative drop of 13.5%, marking the longest downturn in more than 20 years. Since reaching its peak in September 2021, the home prices have fallen by 23%……
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