Residential transaction volume soars by 21.7% in January

Residential units sold during the month stood at 3,051. 

The residential transaction volume in Hong Kong climbed by 21.7% month-on-month to 3,051 units in January, CBRE reported.

The report attributed this to the improved market sentiment driven by the re-opening of Hong Kong’s border with Mainland China after three years. This is also supported by the easing of the HIBOR by 164 basis points to 2.71%. 

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Moreover, citing data from the Housing Bureau, CBRE noted that the projected private flat supply for the next three to four years is 105,000 units, as of 31 December 2022. This is up by 10,000 units quarter-on-quarter. 

“The total number of private residential units completed surged by 47.2% year-on-year in 2022, recording a total of 21,200 units, new high since 2004,” Eddie Kwok, Senior Director, Valuation & Advisory Services, CBRE Hong Kong said