Top 10 Housing Estates Log 12 Weekend Deals, Down 29% Week-on-Week
AM730 · 2 SOURCESabout 2 hours ago2 MIN
Summary
Centaline Property's monitoring of Hong Kong's 10 major housing estates revealed 12 transactions this weekend (October 26-27, 2024), a 29.4% drop from the previous weekend's 17 deals. Despite the weekly decline, the figure has stayed in double digits for two consecutive weeks, reaching the highest level in nearly three months. The strong sales momentum in the new-home market has energized buying demand, benefiting the secondary market simultaneously.
Key Points
- Centaline Property's 10 major estates recorded approximately 12 deals this weekend, down 29.4% week-on-week from 17 transactions
- New-home transactions exceeded 1,000 units this month, representing roughly 15% growth from last month, the highest in three months
- Secondary market volume rose approximately 20%, with some buyers who missed out on new projects returning to the resale market
- Taikoo Shing recorded 3 transactions, including a mid-high floor unit at Charming Court sold for HK$16.2 million at HK$20,455 per sq ft
- Mei Foo New Town logged 2 deals at an average price of HK$12,837 per sq ft, with one three-bedroom suite sold for HK$8.57 million
- Sha Tin City One recorded 2 transactions this weekend, with 15 deals closed so far this month, up 25% from last month
- Kingswood Villa logged 1 deal at a mid-floor unit in Lok Wu House sold for HK$4.85 million at HK$8,834 per sq ft
- A Kingswood Villa unit held for 9 years appreciated 2.4-fold, with the original owner purchasing in 1992 for HK$1.42 million
Why It Matters
The sustained double-digit transactions across major housing estates indicate that Hong Kong's property market is gradually stabilizing, even as the new-project fervor continues to draw buyer interest. The synchronized growth in both primary and secondary markets suggests improving buyer confidence and could signal a broader recovery in residential property turnover in the coming months .
The sustained double-digit transactions across major housing estates indicate that Hong Kong's property market is gradually stabilizing, even as the new-project fervor continues to draw buyer interest. The synchronized growth in both primary and secondary markets suggests improving buyer confidence and could signal a broader recovery in residential property turnover in the coming months .