Top 10 Estates September Transactions Drop to Near 8-Year Low Amid US Rate Hike, Primary Market Competition
AM730 · 1 SOURCESabout 2 hours ago2 MIN
Summary
The 10 major housing estates in Hong Kong recorded only 96 transactions in September 2026, marking the first time in over three years that monthly volume fell below 100 deals and the lowest level since October 2018. Eight of the 10 estates saw declines, with Kornhill recording zero transactions for the first time since December 2018. Industry analysts attribute the downturn to buyers absorbing the impact of US interest rate increases and strong primary market competition.
Key Points
- September 2026 saw 96 transactions across the 10 major estates, a 32.9% month-over-month decline, dropping below 100 deals for the first time since July 2023 when 99 transactions were recorded
- Transaction volume hit the lowest level since October 2018, when only 75 deals were recorded—nearly eight years ago
- Eight of 10 estates recorded declines ranging from 16.7% to 100%, while only Lake Silver (+11.8%) and Ocean View (+40%) bucked the downward trend
- Kornhill had zero transactions, its first "no deal" month since December 2018, due to strong competition from new launches including Hesperus in Eastern District and a North Point project
- Sha Tin City One saw the largest price increase, with average usable price rising 4.7% to 14,358 yuan per square foot from 13,717 yuan in August
Why It Matters
The sharp decline in secondary market transactions underscores how Hong Kong's property market is increasingly driven by primary market dynamics and external monetary policy signals. With major new project launches absorbing buyer demand and interest rate uncertainty weighing on sentiment, secondary market conditions may remain subdued in the coming months. This could have implications for property values and market liquidity across Hong Kong's residential sector.
The sharp decline in secondary market transactions underscores how Hong Kong's property market is increasingly driven by primary market dynamics and external monetary policy signals. With major new project launches absorbing buyer demand and interest rate uncertainty weighing on sentiment, secondary market conditions may remain subdued in the coming months. This could have implications for property values and market liquidity across Hong Kong's residential sector.