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Hong Kong new flat sales exceed 10,000, highest six-month figure since 2005

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Developers’ aggressive financing schemes for home-buyers and bigger mortgage loans drove new flat sales to exceed 10,000 deals in the first half of the year. Photo: Dickson Lee

Hong Kong developers’ aggressive home financing scheme and bigger mortgage loans have pushed sales of new flats to surpass the 10,000 mark in the first half of this year, the highest six-month figure since 2005, according to property agents.

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The first-half figure from agents came as the Land Registry announced on Tuesday that the number of residential property transactions, in both the primary and secondary markets, jumped 6.4 per cent to 6,100 last month from May.

The total sales value rose 10.4 per cent to HK$59.1 billion (US$7.56 billion), the registry said.

It said overall property transactions, including shops, parking lots and industrial units, increased 4.9 per cent to 7,902 last month from May.

Watch: Why is Hong Kong housing so expensive?

Ricacorp Properties’ head of research Derek Chan said the robust sales of new flats in the first six months this year were due to developers’ aggressive push in marketing their new projects ahead of a possible interest rate rise in the coming months.

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