Hong Kong property

Hong Kong home sales rise 20 per cent in April

Number of residential property transactions hits 7-month high after gaining for four consecutive months

PUBLISHED : Friday, 05 May, 2017, 12:28am
UPDATED : Friday, 05 May, 2017, 12:28am

Home sales continued at a robust pace in Hong Kong, the world’s most expensive housing market, to hit a seven-month high in April.

The number of residential property transactions, in both the primary and secondary markets, jumped 20.5 per cent to 7,060 last month from 5,857 in March, marking four consecutive months of growth and the highest single-month volume since September, according to Land Registry data released on Thursday.

The total sales value rose 38 per cent to HK$69.58 billion (US$8.94 billion).

Overall property transactions, including shops, parking lots and industrial units, increased 18 per cent month on month to 8,984 deals.

The residential transactions, however, would serve as a better reflection of the market activities in March rather than April due to the four-week time lag between transactions and registrations.

One notable transaction came in late March from a family of three, when they bought 11 units at Cullinan West atop the Nam Cheong MTR Station in Kowloon for a combined HK$230.4 million.

And the market shows no signs of slowing this month, with New World Development having sold nine units at its Mount Pavilia luxury project in Sai Kung on Thursday for more than HK$230 million in total.

Among the units sold in the tender, a 1,841 sq ft unit fetched the highest price of HK$40.5 million, or HK$22,500 per square foot.

The developer said it planned to release a further 47 units for tender, which will close on May 11.