A sharp decrease in home sales since the release last month of another round of measures aimed at cooling the the property market forced property agencies put their expansion plans on ice.
Several major property agencies are to expand as developers launch more new projects in the second half of the year. Centaline Properties is expected to increase its number of branches to about...
Large estate agencies are eyeing expansion into space left by smaller firms quitting the Hong Kong market in a bid for a greater market share.
Sales of homes on the secondary market fell to an 18-week low for the week ended June 3, data from estate agency Ricacorp Properties show.
With no new launches of property projects in the offing, homebuyers in Hong Kong turned their attention to the secondary market last week, pushing sales to a seven-week high.
New-home sales are expected to show little growth in the city this year, despite projections that the number coming onto the market will be the highest for three years.
Sales of second-hand homes rebounded about 50 per cent over the weekend compared with the previous weekend, property agents said.
Luxury houses have been one of the best-performing categories in the property market's revival this year.
Hong Kong property sales volume may have bottomed, with sales agreements filed with the Land Registry this month expected to be at least 150 per cent up on February.
Frontline sales, agents and clerical support
Sales of new homes surged to 390 at the weekend, from 75 the previous weekend, as developers rushed to sell. Some flats sold for less than comparable second-hand homes.
Real estate agencies are bidding for cuts in their branch rents and slowing their expansion into new outlets to weather falling commission incomes as deal volumes plunge to their lowest levels...