Ricacorp: 6,500 transactions in the month of January

The Land Registry released its statistics in December last year. The overall volume of real estate transactions recorded a slight decrease from the previous month. However, it still recorded more than 7,000 levels in five months. According to Chen Haichao, head of Real Estate Research at Richemont, the overall turnover of the property market is bound to be limited by the increased number of overseas festivals. In January, the overall number of transactions in real estate listings was down to 6,500.

According to the Land Registry data, in December 2017, a total of 7158 trading listings of all types of buildings were recorded in Hong Kong, down about 5.8% from November and 2.7% over the previous year. Due to the time required for the transaction to be submitted to the Land Registry for registration, the December 2017 figure mainly reflects the market conditions from mid November to early December of the same year. During the period, the overall property registration totaled 86.6 billion yuan, up 29.9% on a month-on-month basis. This was mainly driven by the registration of large-scale industrial and commercial shops in the month.

Chen Haichao pointed out that according to the annual consolidated land registry statistics of the bank, the total number of sale and purchase registrations for buildings in 2017 amounted to 83,690, up 14.8% year-on-year to 8,000 in the first quarter in three years and even hit a new 5-year high. During the period, the total amount involved was about 743.281 billion yuan, up 34.8% from 551.319 billion yuan in 2016, a record high after 1997.