Property sales increase 57.2% MoM in March

CBRE expects a high transaction volume for building units in the next 2-3 months.

In March, the government registered 5,013 building unit sales, up 57.2% MoM but down 41.7% YoY. 

In the same month, the property sales value increased 65.5% MoM but fell 45.7% YoY to $37.4b.

Of the sales and purchase agreements in March, 3,971 were residential units, marking a 67.2% rise MoM but a 40.6% decrease YoY. The residential units' total value hit $30.1b in March, up 57.4% MoM but dropping 48.1% YoY. 

Commenting on the March results, CBRE Hong Kong’s Executive Director, Valuation & Advisory Services, Eddie Kwok, said buyers are more attracted to units with no additional stamp duty.

CBRE expects high transaction volume in the next 2-3 months, mainly driven by primary sales.

“With developers offering attractive prices, payment terms as well as substantial agent fee rebates, primary sales took over market share from the secondary market, we expect primary sales to represent more than half of total transactions in March. This situation occurred three times during the past: 55.1% (October 2018), 53.3% (December 2015) and 52.2% (September 2002),” Kwok said.