RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Luxury home sales worth at least $10m dropped 48.6%

Could it be because of the 14.8% home price surge?

Residential sales plunged 42.4% month on month to only 3,515 in July 2017. Primary sales fell about 60% to 952 transactions, as fewer new flats were launched, according to Knight Frank.

However, home prices continued to trend upwards. Official data show that they continued to climb for 15 consecutive months ended June 2017, rising 23.8%.

The mass sector led with 24.3% growth, while luxury home prices gained 14.8% during the period. In the luxury segment, home sales worth HK$10 million or above plunged 48.6% to 710 last month.

"However, a number of enquires were received from Chinese Mainlanders, reflecting their continued interests in Hong Kong properties, particularly primary homes in emerging luxury areas, where transportation is more convenient than in traditional luxury districts," Knight Frank said.

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