HK property sales drop by 22% but anticipated rate cuts may spark rebound

Developers are preparing to launch new projects, anticipating pent-up demand after a rate cut, CBRE said.

Building unit transaction volumes in Hong Kong fell for the fifth consecutive month, dropping by 22.1% month-on-month to 2,848 units, according to data from the Land Registry.

Eddie Kwok, Executive Director of Valuation & Advisory Services at CBRE Hong Kong, attributed the decline to markets awaiting a potential US Federal Reserve interest rate cut, as well as limited new project launches and the gradual offloading of existing inventories by developers.

Kwok added that major developers are preparing to launch new projects to tap into pent-up demand once interest rates are reduced. Given the current high inventory levels, he anticipates that developers will prioritise cashing in at discounted prices to attract buyers.

He expects primary sales transactions to rebound in the coming months, with secondary market transactions likely to pick up as lower interest rates take effect.

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