The residential market saw a remarkable surge in the second quarter of 2024, with a total of 17,953 transactions registered, representing an 83% increase compared to the previous quarter and reaching a 12-quarter high. This notable growth can be attributed to the cancellation of ‘spicy measures’ at the end of February.
Following a period of consolidation, buyers flocked to the market, showing a sense of optimism and confidence. Of the total agreements recorded in Q2, 6,550 were specifically for the first-hand market, indicating a 128% increase from a quarter earlier and hitting a 20-quarter high. Registrations in the secondary market jumped by 64% from the previous quarter to 11,403.
Developers have adopted a strategy of prioritising sales volume over pricing, adding pressure on secondary homeowners to offer deep discounts to draw sales. Hong Kong’s home price index fell by 1.24% m-o-m in June, according to government data. That brought the decline in the prices of second-hand homes to 3.05% ……
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