Secondary home deals fall to four-week low
AM730 · 1 SOURCESabout 1 hour ago2 MIN
Summary
Hong Kong's secondary housing market softened again at the turn of September and October, with transactions at 50 major housing estates dropping to a four-week low. Ricacorp Properties' research department head Chan Hoi-chiu said the National Day holiday, which allowed some residents to create a long weekend for travel or leave, combined with low-priced new-home launches, reduced second-hand market activity. He said the market's focus remains heavily on the primary market, and another low-priced new project due to go on sale this weekend is likely to keep secondary transactions under pressure
Key Points
- Ricacorp data showed 62 deals at 50 benchmark estates in the week of September 28 to October 4, down 16% from 74 a week earlier
- Hong Kong Island's eight tracked estates recorded seven deals, halving from 14, while Taikoo Shing logged no transactions during the week
- Kowloon's 21 tracked estates posted 21 deals, down 32% from 31, with Laguna Verde falling 80% week on week to one deal
- The New Territories was the only region to rise, with 34 deals across 21 estates, up 17% from 29 the previous week
- Fifteen of the 50 estates recorded zero transactions, up 25% from 12 a week earlier, including three on Hong Kong Island and five in Kowloon
Why It Matters
The figures show how strongly low-priced primary launches are competing for the same pool of homebuyers, leaving the secondary market dependent on sellers' willingness to cut asking prices further. Ricacorp expects transactions at the 50 estates to stay around 60 this week, suggesting near-term momentum may remain weak unless owners widen room for negotiation