The overall residential market held steady in July, with a total of 3,723 transactions registered across the primary and secondary markets, a decrease of only 3% from June. New home sales fell by 16% on a month-on-month basis, reaching a five-month low with 826 units sold in July. This was primarily due to a reduction in the number of new project launches and a less optimistic market outlook.
Meanwhile, there was a modest 1% monthly increase in the number of registered secondary market deals, reaching 2,897 cases in July, as a result of the fading effect of the removal of ‘spicy measures’ and the elevated high interest rate.
The latest data from the Rating and Valuation Department shows that Hong Kong’s private home prices fell by 1.9% in July compared to the previous month, reaching their lowest level in nearly eight years since September 2016. It is notable that the home price has fallen for the third consecutive month, with a 4.7% retreat so far this year and a 25.5% plunge since reaching its peak in September 2021…….
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