The total consideration for the 5,589 deals hit $72b.
Hong Kong’s property market continued to weaken as the number of sale and purchase agreements for all building units that were received for registration fell 22.6% to 5,589, according to a government statement.
On a month-on-month basis, however, the sales figure is up by as much as 84%.
Also read: Property deals down 5.5% to 79.193 in 2018
The total consideration for sale and purchase agreements for the month was $72b which represents an increase of 67.2% MoM and 5.1% YoY. The total consideration for the 4,543 residential units in January hit $44.9b, up 86.6% from December but a YoY drop of 9.8%.
In response to weakening sentiment, property developers turned to discounts in an effort to strengthen sales with Sun Hung Kai Properties offering discounted prices of up to 50% on its Downtown 38 apartment complex in Ma Tau Kok. China Overseas Property also managed to dispose 322 of 486 flats at The Regent Complex with offering prices 32% lower than Sun Hung Kai’s St Martin apartments in the same neighbourhood.
After almost ten years of housing market bull-run, Hong Kong's heated housing market is finally trending downwards as both home prices and sales take a beating under escalating trade tensions between the US and China and the slowdown in the Mainland economy.
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