,Hong Kong

Residential transaction shows downward trend: Cushman & Wakefield

Home prices are expected to rise by a maximum of 3% in Q4.

Residential property transaction volume has displayed a downward trend, according to Cushman & Wakefield.

This is because of the market purchasing power unleashed at a certain level and consumed in the first half of 2021, reduced available affordable units, and diminished bargaining space for owners.

Head of Research Keith Chan said, "Buyers took a wait-and-see attitude, waiting for the market to cool down, leading a see-saw situation between the two. Transactions became slow, bringing the property market to the consolidation phase. The downward trend is expected to continue with sales and purchase agreements falling to 4,700 cases in September."

Furthermore, valuation and advisory director Edgar Lai stated, "In terms of the property price, the overall home price has risen by 4.3% since 2021 and is expected to surpass the peak of May 2019 soon." He also mentioned they expect the purchasing power previously accumulated in the property market has been released following a round of active transactions.

Buyers also become more cautious after prices have recorded certain increments so far. Moreover, banks are less active in getting business at year-end as it is a traditional and off-season period for mortgages. In this regard, they expect that both transaction volume and property price increment will continue to slow down in the fourth quarter.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The Hong Kong-China stock connect and derivatives markets were also halted.
The market recorded a positive net absorption of 327,700 sq.ft in Q3 2021.
Secretary for Commerce and Economic Development Edward Yau laid out plans for the sector under the latest Policy Address.
The total corporate debt issuance tripled from last year.
This is due to its dependence on other industries, as well as global economic activities.
Jobs with a monthly salary ranging from $12,000 to $22,000 are up for grabs.
The reforms will target large multinational enterprise groups.
This represents about seven times the currency in circulation.
A total of 2,051,387 adults is projected to be virtual bank owners in five years.
The firm’s remaining stake is being bought at HK$1.91b.
Specifically, it welcomes the planned establishment of a high-end aviation industrial cluster.
But the number of homes to be built under the project are 'fewer than expected'.
Amongst the projects she laid out was the development of a 'smart port'.
Embattled Chinese developer owes the agencies millions in commissions.