Total consideration for the sale and purchase agreements hit $62.6b.
A growing number of Hong Kongers are entering the heated property market despite record high prices as sale and purchase agreements for building units rose 32.8% YoY and 3.2% MoM to 7,456 sales in February, according to data from the Land Registry.
Total consideration for sale and purchase agreements also expanded 44.2% YoY to $62.6b over the same period.
Almost three quarters (73.52%) were for residential units which rose 34.4% YoY and 4% MoM to $50.9b.
It appears that the housing frenzy is poised to moderate amidst growing supply as the government recently unveiled 27 residential site for sale as part of its 2018-19 Land Sale Programme which can provide over 15,000 flats.
This comes as the Lam administration is leaving no stone left unturned to discover additional land to solve its perennial housing woes like studying the feasibility of homes atop transport infrastructure and even utilising Disneyland’s reserved area for expansion.
Photo from Baycrest - Own work, CC BY-SA 2.5
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