Residential sales jump 24% YoY in Q1

It is due to the relaxation of the maximum property value chargeable.

The total residential unit sales for the first quarter of 2025 climbed by 24% year-on-year to 12,200 units, according to a Cushman & Wakefield report.

The report said this is due to the relaxation of the maximum property value chargeable at a $100 stamp duty level.

“Amongst the residential unit sectors, price levels corrected most notably in City One Shatin, representing the small-sized sector, with a drop of 9.1% quarter-on-quarter,” Edgar Lai, senior director for valuation and consultancy services at Cushman & Wakefield, said.

He added that prices fell by 2.2% in Taikoo Shing, representing the mid-sized sector, whilst prices at the luxury sector Residence Bel-Air saw an overall 7.4% decrease in Q1 2025.

“We expect overall transaction numbers to be similar to last year, and property prices may fluctuate within a range of ±3% during the year,” Rosanna Tang, executive director and head of research at Cushman & Wakefield Hong Kong, said.