July Subsidized Flat Market Transactions Plunge 25%, Volume Hits 31-Month Low
AM730 · 1 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong's subsidized sale flat secondary market experienced a significant downturn in July 2024, with transaction volume and value both declining sharply. According to data from the Hong Kong Housing Authority and Housing Department, only 144 transactions were recorded in the month, marking the lowest level in 31 months. Industry experts warn that market activity is likely to remain muted until the fourth quarter when new purchase certificates are issued under the White Form Scheme.
Key Points
- July recorded 144 subsidized sale flat transactions, down 25% from 192 in June, the lowest in 31 months
- Total transaction value fell to HK$615 million, a 27% decline from HK$843 million the previous month
- Average transaction price dropped to HK$4.268 million, a 2.8% decrease from HK$4.393 million in June
- All six property value categories saw month-over-month declines, with the HK$5-6 million segment dropping the most at 47%
- Fanling Shan Lai Court led transactions with 5 deals, while most other estates recorded fewer than 5 transactions
- The highest-priced unit was a 650-sq-ft flat at Sau Mau Ping East Court sold for HK$7.38 million
- The highest price per square foot was HK$14,395 for a 471-sq-ft flat at Kai Tak Kai Long Court
- August transactions are expected to remain at around 100-plus deals as Green Form Subsidy Scheme 2025 commences
Why It Matters
The prolonged weakness in the subsidized housing market reflects broader uncertainty in Hong Kong's property sector, where buyer sentiment remains cautious amid economic headwinds and rising interest rates. With over 1,000 units from the Green Form Subsidy Scheme 2025 entering the market in late August, some secondary market purchasing power will be diverted away, potentially extending the downturn until new White Form purchase certificates are issued in the fourth quarter .
The prolonged weakness in the subsidized housing market reflects broader uncertainty in Hong Kong's property sector, where buyer sentiment remains cautious amid economic headwinds and rising interest rates. With over 1,000 units from the Green Form Subsidy Scheme 2025 entering the market in late August, some secondary market purchasing power will be diverted away, potentially extending the downturn until new White Form purchase certificates are issued in the fourth quarter .