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Spectre of mass lockdown to send Hong Kong property market into ‘deep freeze’ as transactions plunge to 25-month low
- The grim projection by property agents comes as total transactions plunged to a 25-month low of 3,992 deals in February, according to Centaline
- The government is expected to impose a ‘large-scale lockdown’ as part of its universal coronavirus testing drive in the second half of the month
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Hong Kong’s property market is set to enter deep freeze as the city braces itself for a large-scale lock down as part of a universal Covid-19 screening drive later this month, according to agents.
The grim projection comes as total transactions for residential, commercial and industrial real estate as well as parking spaces plunged to a 25-month low of 3,992 deals in February, according to data compiled by Centaline Property Agency.
It was the lowest number since January 2020 when there were 3,776 deals.
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The total value of the transactions plummeted 32.5 per cent to a 23-month low of HK$36.71 billion (US$4.70 billion).
“Property sales in March will definitely be fewer than those in January and February as most people are concerned about their health and what to do if they become infected with Covid-19,” said Victor Lai Kin-fai, managing director of Centaline Surveyors.
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“The property market, especially first and secondary residential sector, will go into deep freeze this month.”
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