As at July 13, the number of registered sale and purchase agreements for July 2023 (including residential units, car parks and commercial and industrial properties) was 1,896, with a total value of $14.831 billion, according to Yang Ming-yi, Senior Associate Director of Research at Centaline Property. The total number of sale and purchase agreements for the month is estimated to be around 4,300 and the total value is estimated to be $31.0 billion, representing a decrease of 10.0% and 21.9% respectively from the 4,777 and $39.669 billion recorded in June.
Both the number and value of cases are expected to reach seven-month lows after December 2022's 3,565 cases and $25.871 billion. Despite the suspension of interest rate hikes in the US in June, Hong Kong's interest rates remained high and buyers were cautious in entering the market, resulting in muted transactions and affecting the number of registrations for four consecutive months. on July 7, the government announced the relaxation of the loan-to-value ratio for property mortgages in anticipation of stimulating an increase in property transactions, which will only begin to be reflected in the registration figures for August.
As for first-hand private residential properties, as of July 13, 409 cases and $3.50 billion were recorded in July. It is estimated that there will be around 900 cases and $8 billion in the whole month, down 10.9% and 36.9% respectively from 1,010 cases and $12.68 billion in June. It is estimated that the number of cases will reach a 5-month low after February 2023, and the amount of money will reach a 6-month low after January 2023. The first-hand market continued to be supported by new property launches in June, with transactions stabilizing at the 900-case level.
The new development with the highest number of registrations in July was NOVO LAND Phase 2A in Tuen Mun, with 296 registrations and $1.848 billion. University Hill Phase 2B in Pak Shek Kok, Tai Po recorded 9 cases and $68.699 million. 8 cases and $47.290 million were recorded at Hung Hom Bijia Place‧Ying Hui.
As for second-hand private residential properties, as at July 13, 984 cases and $8.93 billion were recorded in July. It is estimated that there will be around 2,200 cases and $17.5 billion in the whole month, down by 8.4% and 12.5% respectively from 2,401 cases and $20.0 billion in June. It is estimated that the number of cases and the amount of money involved will both hit seven-month lows after December 2022, reflecting the strong wait-and-see sentiment. This reflects a strong wait-and-see sentiment in the secondary market, with transactions remaining weak.
For large-scale housing estates, in July, Kingswood Villas recorded 13 cases (totaling $64 million), Mei Foo Sun Chuen recorded 11 cases (totaling $80 million), City One Shatin recorded 7 cases (totaling $38 million) and Taikoo Shing recorded 2 cases (totaling $23 million).
