Last year’s pinch house turnover hit a 15-year low
Huang Liangsheng, senior co-director of the Central China Real Estate Research Department, pointed out that in 2018, the number of second-hand house sales contracts was recorded at 116, with a total value of 825 million yuan, down 10.1% and 6.5% respectively from 129 and 775 million yuan in 2017. The number is 93 years after the SARS in 2003, a record low of 15 years. Reflected last year, the second-hand market was weak and quiet.
Although property prices began to adjust downwards in the fourth quarter of 2018, property prices continued to rise and hit new highs in the first half of the year, driving the average annual transaction price of each house to be 7,114,300 yuan, up 18.4% from 2017’s 6,100,500 yuan. It is the 20-year high since the record in 1999.
In 2018, there were 8 second-hand houses that entered the top ten high-priced deals. In August, the third floor of the third floor of Hongfu Garden, Tsing Yi, the transaction price recorded 9.85 million yuan, a record high. The largest number of sale and purchase registrations in 2018 was in Ho King Terrace, Kwai Chung, with 27 cases with a total value of $174 million. This was followed by the Pinnacle of Tseung Kwan O, which recorded 22 cases with a total value of 158 million yuan. Ap Lei Chau Yue Hai Hu Ting recorded 18 cases, ranking third, with a total value of 135 million yuan.