April property boom as Hong Kong transactions set for highest monthly level in six years
- Total monthly transactions for property assets including homes, parking spaces, and commercial sites reached 7,850 as of April 24, the highest since November 2016
- The city’s used home price index could breach a fresh record by the end of April, according to one analyst
The number of property transactions in Hong Kong this month is on track for a more than 50 per cent gain from March, reflecting the highest monthly level for more than six years and an indication that bullish sentiment in the sector has returned.
Total monthly transactions for property assets including homes, parking spaces, and commercial sites reached 7,850 as of April 24, according to data released by Centaline Property Agency on Sunday.
“The number of transactions in April is expected to reach 9,700, up 50.9 per cent compared to March,” said Wong Leung-sing, senior associate director of research at Centaline. “As the market continued to boom, the deal number could be the highest during any single month since 11,581 in November 2012, after the government introduced a buyers’ stamp duty and a tougher special stamp duty.”
The properties sold as of April 24 had a combined value of HK$68.26 billion (US$8.7 billion). Wong said the amount could reach HK$84 billion, up 59 per cent compared to March and the highest since the HK$99.37 billion in July last year.
At LP6 in Lohas Park, a project by Nan Fung Development, a total of 298 new homes were sold this month worth a combined HK$3.05 billion.