Residential sales volume down 6% in October

Prices also went down 7.5% MoM.

Residential sales volume decreased 6% MoM to 5,289 units in October, according to JLL’s Residential Sales Market Monitor.

Sales for residential properties over $50m similarly decreased 18.8% MoM with transactions in key areas either falling or staying level.

The highly-sought after Kowloon area only registered 4 high-value transactions in October, down by 6 from 10 transactions in September.

Residential value also decreased in October to 7.5% MoM to $41.9b.

However, there were notable property transactions registered in the past month that sustained performance in October including the sale of luxury apartment Mount Nicholson which broke records after being tagged as Asia’s most expensive apartment by area. It fetched a whooping $132,000 per square foot.