Residential Real Estate News
Hong Kong Home Sales Hit 2 Year Low in Early 2022
According to new data from JLL, Hong Kong's monthly home sales volume registered the lowest level in two years, at 2,912 transactions in February (down 31.9% m-o-m), compared to 4,275 cases in January 2022.
Owing to the compromised buying sentiment, mass residential capital values declined further, down 1.0% m-o-m in February, after dropping by 0.4% in the previous month.
Developers continued to hold back on new launches due to the strict social distancing measures. The primary market was muted with only 481 transactions recorded.
The luxury market also quieted down with a drastic drop in transaction volume. As one of the more noteworthy transactions, an apartment at '21 Borrett Road' in Mid-levels Central was sold for HKD 167.8 million or HKD 76,516 per sq. ft, SA.
In the Government land sales market, SEA Holdings broke the Government land sales record in terms of unit price for a luxury residential site (RBL 1203) at South Bay Road, Repulse Bay, for HKD 1.19 billion or HKD 62,352 per sq. ft, A.V.
