Sales in Hong Kong secondary home market rise as primary releases evaporate
Data from Ricacorp Properties showed that for the week ended May 12, 176 second-hand flats were sold in the 50 largest private housing estates it monitors, up 24 per cent from 142 sales the previous week.
Secondary home sales in Hong Kong climbed significantly last week after the introduction of a new law on the marketing of primary projects led to a decline in the supply of new flats.
Data from Ricacorp Properties showed that for the week ended May 12, 176 second-hand flats were sold in the 50 largest private housing estates it monitors, up 24 per cent from 142 sales the previous week.
"Under the new ordinance, the market fell short of new project launches, hence the secondary flat market caught attention again," Ricacorp director David Chan said.
"In addition, some owners gradually lowered prices in order to get their flats sold. This boosted buying sentiment and stimulated sales significantly in some popular estates."
The weekly figure is the highest in more than three months since the government introduced more tightening measures to cool soaring home prices in late February.
Midland Realty's sales index, which tracks weekly sales at 35 private housing estates, rose 68.4 per cent to 96 transactions between May 6 and 12, up from 57 sales in the previous week and the highest in 15 weeks.