Luxury property buyers in Hong Kong take a break as new offerings slow
Sixty per cent fall in primary sales or sales of new flats in July is attributed to fewer launches
Sales of new homes in Hong Kong dipped sharply in July and August in a sign that the property market may have peaked, but prices remained stable, says a report by Knight Frank.
The Hong Kong Monthly Report by the international property consultant showed that home sales plunged in July and August with fewer primary units launched as buyers adopted a wait-and-see approach.
Residential sales plunged 42.4 per cent month-on-month in July to only 3,515, Knight Frank’s report shows. Primary sales or sales of new flats fell about 60 per cent to 952 transactions, as fewer new flats were launched. However, home prices remained stable or in some cases moved marginally upwards.
In the luxury segment, home sales of apartments worth HK$10 million or above plunged 48.6 per cent to 710 in August compared to the previous month.
David Ji, director and head of research and consultancy, Greater China at Knight Frank, says that even though home sales were down, there were still numerous inquiries from interested parties on the mainland, which showed the continued interest in Hong Kong properties.
