Hong Kong property deals hit 4-month low in May due to fewer new launches and weak buyer sentiment
- The number of property deals fell 8 per cent to 5,284 last month, according to Land Registry data
- Value of May transactions fell 42.1 per cent year on year to HK$44.56 billion (US$5.7 billion)
The number of property deals fell 8.2 per cent to 5,284 last month, compared to 5,755 in April, and by more than a third compared to 7,949 in May last year, according to data from the Land Registry.
The total value of May transactions amounted to HK$44.56 billion (US$5.7 billion), a decrease of 30 per cent on a monthly basis and 42.1 per cent on an annual basis.
“After the strong performance in the first quarter, the property market started to see some months-long consolidation in April and May,” said Ricacorp Properties head of research Derek Chan. “With the boost from the border reopening starting to fade, the market is starting to cool down and is in a wait-and-see mode.”
The property agency forecasts June transactions to reach about 5,350.
The market will not see significant recovery until July at the earliest, Chan added.