HK new home sales surge 64% one week after 2024 Policy Address

According to data from Midland Realty and market sources, new home sales in Hong Kong saw a significant increase one week following the government's Policy Address.

The number of transactions surged by approximately 19.5% to 747, up from 625 in the week before the address. The total transaction value during the same period rose dramatically by about 64.5%, from HK$7.05 billion to approximately HK$11.6 billion.

Buggle Lau, the chief analyst at Midland Realty, noted that the most substantial increases were observed in the HK$10 million to HK$20 million price segment, where transactions jumped by approximately 1.6 times to 281 deals. Transactions ranging from HK$20 million to HK$50 million also saw a significant rise, increasing from 36 to 66, an 83.3% increase. Moreover, sales above HK$50 million grew from 17 to 27, marking a 58.8% increase.

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