The Land Registry of the Hong Kong SAR Government announced on the 4th that 3,893 building sales contracts of various types were submitted to the Land Registry for registration in September 2023, which dropped below 4,000 for the first time this year, a decrease of 16.5% from the previous month.
Among the above-mentioned sales contracts, there were 2,862 sales contracts for residential buildings, a decrease of 11.9% from the previous month. The total value of building purchase and sale contracts in September this year was HK$29.8 billion, a decrease of 14.7% from the previous month, of which the total value of residential building purchase and sale contracts was HK$22.8 billion, a decrease of 20.5% from the previous month.
Chen Haichao, head of Hong Kong’s Lijia Ge Real Estate Research Department, said that September’s data reflected the property market conditions from mid-August to early September. Transaction volume hit a nine-month low, mainly due to local banks increasing interest rates, which made the stagnant property market worse.
Chen Haichao pointed out that the transactions of first-hand private residences in September were mainly medium and low-priced units, and the transaction volume was not high; the second-hand private residences were affected by the low-priced sales of first-hand private residences, and the two consecutive weeks of extreme weather in early September brought the market to a halt. City, transaction volume is sluggish, leading to a sluggish overall private residential market. As for the non-residential market (industrial buildings, shops and parking spaces), both price and volume fell.
Chen Haichao said that overall property sales have been sluggish in recent months. In addition, major local banks have increased mortgage rates since mid-September, and US interest rates may not have peaked yet, which has reduced the desire of prospective buyers to enter the market. Moreover, the SAR government’s new policy address is about to be released, and the market is waiting for the new policy direction before deciding whether to enter the market.
(Source of article: China News Network)
Article source: China News Network
Original title: There were less than 4,000 property sales contracts in Hong Kong in September, a new low this year
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2023-10-04 10:24:26
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