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Insights – Asia Pacific Research

Hong Kong Monthly Digest – Janruary 2024

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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Hong Kong Quarterly Digest – Q4 2023

The Hong Kong residential market continues to experience a slowdown as the high interest rates  persistently weigh on the market. A total of 7,606 cases was recorded in Q4, representing a 17% q-o-q decrease. Among them, the sales of new homes saw a substantial 26% q-o-q decrease to 1,862 while the secondary market saw 5,744 transactions, fell by 14% from Q3.

Housing prices continue to face downward pressure due to the cost of residential buying under high interest rate environment, leading to an increasing demand for rental housing.  Overall home price index fell……

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Hong Kong Monthly Digest – November 2023

The residential market relieved after the relaxation of ‘spicy cooling measures’ announced in Policy Address 2023. A total of 2,554 cases for both primary and secondary markets was registered in November 2023, representing a 20% monthly rebound, but still hovering near the bottom of the barrel. Of these, 2,007 cases were specifically for the second-hands, indicating a 14% increase from a month earlier and a 3-month high.

Home buying sentiment remained sluggish, with the housing prices in November falling for the seventh consecutive month to their lowest level in almost seven years……

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Hong Kong Monthly Digest – October 2023

Due to the elevated uncertainties cloud global economic outlook, coupled with the wait-and-see sentiment, only 2,123 cases was recorded in October, marking a decrease of 26% over the month ago. Among them, 1,767 cases were specifically for the secondary market, indicating a 7% decrease from a month earlier. The number of deals in the primary market with only 356 transactions registered in October, representing a significant drop of 63% m-o-m.

The home price index swiftly dropped to 321.4 pts in October, representing a decline of 2.16% month-on-month and reaching a 79-month (6.5-year) low……

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Hong Kong Quarterly Digest – Q3 2023

Housing market is experiencing a further deceleration in the third quarter this year. A total of 9,174 cases was recorded over the period, representing a 25% q-o-q decrease. Among them, the secondary market saw 6,658 transactions which indicating a fall by 23% from a quarter earlier. New home sales saw a substantial 30% q-o-q decrease to 2,516 registered contracts. The number of deals in both markets hit a 3-quarter low.

The home price index swiftly dropped to 332.1pts in September, representing a decline by 0.78% year-to-date and reaching a new low since April 2017. The rental index surged up by 6.15% year-to-date…..

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