Last month’s second-hand private home sales continued to fall
Huang Liangsheng, Senior Co-Director of the Central China Real Estate Research Department, pointed out that in October 2018, the registration of second-hand private residential sales contracts in the three major regions of Hong Kong (Hong Kong, Kowloon and the New Territories) fell by more than one in September. Cheng, showing that the second-hand market trading atmosphere continues to be quiet.
This also reflects the focus on the market, the second-hand property market is slowing down, and affected by financial market volatility and interest rate hikes. Users and investors have a wait-and-see attitude. Property prices have softened, which has hindered the public’s confidence in entering the market and led to second-hand private ownership. Residential investment was weak and the overall registration has fallen for five months.
New Territories fell the most
Among the three major regions, the New Territories was the region with the most decline. In October 2018, the number of second-hand private residential transactions in the New Territories was recorded at 698, down 18.2% from 853 in September. Second-hand private residential transactions in Kowloon recorded 652 cases in October, down 13.2% from 751 cases in September. There were 436 second-hand transactions in Hong Kong Island in October, down 13.0% from 501 in September.
According to the second-hand property market performance of 24 districts in Hong Kong, the number of transactions in 19 districts in October 2018 was lower than that in September. The five districts with the largest decline in the number of transactions, Hong Kong Island and Kowloon each accounted for two, and the New Territories accounted for one. The trading volume of Cheung Sha Wan/Sham Shui Po recorded a drop of 38.2%. Trading in Islands/Tung Chung/Discovery Bay fell by 32.1% month-on-month. Wan Chai fell 29.1%, Tsuen Wan/Chai Wan fell 27.5% and Kowloon Tong / Shek Kip Mei fell 26.7%, ranking third to fifth respectively.