Hong Kong property on track for worst month ever recorded
January’s sale volume on track for lowest since records began in 1991
As the colder weather sets in, Hong Kong property appears to be caught in a frosty market of its own, with monthly sales volume on track for a historical low, property agents say.
Centaline Property Agency expects the number of property transactions, includes apartments, shop units and car parks, of around 3,500 for January, the lowest in volume terms ever recorded in a data set dating back to January 1991.
Underscoring the lack of buyer interest, a luxury residential project by Henderson Land in Mid-Levels released on Sunday had attracted only 12 sales as of 4pm.
“Sales in the residential market are nearly frozen,” said Sammy Po , chief executive of Midland Realty’s residential department. He says flat sales in the primary and secondary residential markets are on track for about 1,800 transactions in January, the lowest since 1996.
Po said buying sentiment had been hurt by the stock market rout, a weakening Hong Kong currency and other signs of instability in global markets.
