Residential market sales to grow 49% in Q1 2023

It will be backed by China reopening and reduction of AVD.

Improved buyers’ confidence will help raise the number of residential home sales, which will be affected by full reopening of the Hong Kong and China border, Cushman & Wakefield said.

The property expert said the transactions are expected to climb 50% to over 12,500 sales.

This will also be driven by Ad Valorem Stamp Duty reduction, which will accelerate project launches. 

In 2023, residential transaction numbers are expected to rise by 25%–35% year-on-year (YoY) and prices by 5% to 10% YoY.

Cushman & Wakefield’s Rosanna Tang said the reduction will benefit first-time home buyers for small-to-medium-sized properties below the $10m mark.