Hong Kong property deals climb to three-month high as owners drop prices to emigrate, offload nano flats

Some homeowners needed to leave Hong Kong quickly when the approval of their overseas immigration applications set the timer running

Others were keen to offload their tiny units as new size regulations are likely to ensure a torrent of larger but still affordable homes come to the market

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A 170 sq ft nano flat in Tai Hang. Photo: Martin Chan

Published: 9:30am, 4 May 2022Updated: 10:53am, 4 May 2022

Hong Kong property sales rebounded to a three-month high in April as owners became more willing to offer big discounts, or even sell at a loss to get deals done, a trend that could drag home prices down further.

The value of transactions rose by about a fifth to HK$41.9 billion (US$534 million) as the number of deals increased by more than a quarter to 4,847 from March, according to Centaline Property Agency.

The transactions in Centaline’s figures included homes, shops, industrial units and car parking spaces.

Many homeowners have been willing to drop their prices by as much as 12 per cent, according to analysts.

Their reasons for wanting a quick sale varied. Some – part of an unprecedented exodus of Hongkongers and expatriates – needed to leave Hong Kong quickly when the approval of their overseas immigration applications set the timer running.

Others were keen to offload their tiny units as new government size regulations are likely to ensure a torrent of larger but still affordable homes come to market, undermining the value of so-called nano flats.

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