Hong Kong developers have sold HK$44.6 billion worth of new homes this year
Sales volume at highest level in 13 years.
Hong Kong developers had HK$44.6 billion in sales of new homes between January 1 and May 17, accounting for 44 per cent of the total transaction value in the residential market, according to Midland Realty. The last time that level was reached was in 2003.
The rise in the total sales value was mainly due to an increase in purchases of pricey luxury properties. The overall number of individual home sales declined.
The rise is mainly due to developers’ discounts and mortgages that have lured potential buyers away from the secondary residential market,“ Buggle Lau, chief analyst at Midland Realty, said.
Overall residential transactions, including deals in the secondary market, totalled HK$102.3 billion for the period, Midland said.
Additionally, developers are also ramping up marketing to increase sales of luxury residential developments, which boost transaction values, he said.
During the review period, there were 531 flats sold, each worth more than HK$20 million.
Sun Hung Kai Properties luxury residential development, Ultima phase two, in Ho Man Tin were sold for between HK$18 million and HK$135 million in March.