According to the latest data released by Hong Kong Land Registry, the city recorded 7,689 property transactions in November, marking a 31.3% month-on-month increase and the highest level in seven months since April.
This also represents 1.18 times higher compared to the 3,532 cases recorded in November 2023. The figures include residential units, parking spaces, and commercial and industrial properties, reflecting the market activity in October. Residential property transactions alone accounted for 6,298 deals, up 34.1% from October's 4,697 cases, also reaching a seven-month high.
Yang Mingyi, senior associate research director at Centaline attributed the surge to favorable factors such as interest rate cuts, Mainland's market rescue measures, and relaxed mortgage policies under HK's latest Policy Address. These factors stimulated the market, leading to two consecutive months of growth in October and November.
However, Yang also noted that secondary market transactions began to stagnate in November, and the lack of large-scale new developments may cause December's figures to decline.
Chan Hoi-chiu, head of research at Ricacorp Properties, echoed similar sentiments, highlighting that the recent uptick in transactions has absorbed much of the market's purchasing power. With HK stocks struggling and uncertainty over the US interest rate cut pace, Chan preliminarily expects a significant drop in December's property transactions.
Despite the potential December slowdown, total property transactions for the first 11 months of 2024 reached 62,469 cases, outpacing the 58,035 cases recorded for the entirety of 2023 by 7.6%. Residential property transactions alone reached 48,996 cases, up 13.9% from last year's 43,002 cases.
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