Midland Realty: 35 housing estates recorded 39 transactions last week, a decrease of over 4% compared to the previous week, hitting a new low after the cooling measures
Last week, a total of 39 transactions were recorded in 35 large housing estates in Hong Kong, a decrease of about 41.8% from the previous week, hitting a new low in nearly 17 weeks. The volume of transactions in Hong Kong Island saw the largest decline, with decreases also seen in Kowloon and the New Territories. This may be due to the impact of the Federal Reserve's interest rate decision last week, the pace of property listings in the primary market, as well as the influence of large new developments at low prices in the New Territories
According to the Zhitong Finance and Economics APP, the Federal Reserve held a meeting last week and, although it kept interest rates unchanged, it hinted that there would only be one rate cut this year, slower than previously expected. In addition, with the restart of first-hand market listings and the introduction of large new properties in the New Territories at low prices, grabbing the market's attention, second-hand transactions have clearly softened. Based on data from the Federal Reserve Bank, a total of 39 transactions were recorded in 35 large housing estates in Hong Kong in the past week, a decrease of approximately 41.8% compared to the previous week, marking a new low in nearly 17 weeks since the cooling measures were implemented.
Liu Jiahui, Chief Analyst at the Federal Reserve Property, pointed out that if the 35 housing estates are divided into three districts, the number of transactions in all three districts has declined, with the largest drop in transaction volume in the Hong Kong Island district. Last week, 9 transactions were recorded in 8 housing estates in the district, a significant 50% decrease in transactions compared to the previous week. Kangyi Garden decreased by 3 transactions, while Taikoo Shing and Lei King Wan each decreased by 2 transactions, and Marina Cove, City Garden, and South Horizons New Village each decreased by 1 transaction; only Xinghua Village saw an increase of 1 transaction, with transaction volume in the Hong Kong Island district halving last week.
As for the Kowloon district, 14 transactions were recorded in 10 housing estates last week, a decrease of approximately 39.1% compared to the previous week. Whampoa Garden saw a significant decrease of 6 transactions, while Manhattan Hill and Mei Foo Sun Chuen decreased by 3 transactions and 2 transactions respectively, and Laguna City decreased by 1 transaction; even with an increase of 1 transaction each in The Harbourside, The Latitude, and Tak Bo Garden, transactions in the Kowloon district still fell last week.
In the New Territories district, 16 transactions were recorded in 17 housing estates last week, a decrease of approximately 38.5% compared to the previous week. Among them, Jiahua Hill Villa decreased by 4 transactions, while Wing Cheuk Peninsula, The Beaumount, and Discovery Bay each decreased by 2 transactions, and Kingswood Villas, City One Shatin, and Hua Du Plaza each decreased by 1 transaction; despite an increase of 2 transactions in Greenview Villa and 1 transaction in New Tuen Mun Centre, transactions in the New Territories district continued to decline last week