Many potential buyers have taken the opportunity to look for properties with higher cost-effectiveness, and the completion of several new developments has also attracted buyers' attention towards the second-hand property market. This further contributed to the rebound in transaction volume during the New Year long weekend. However, some transactions indicate instances of exiting at a loss, causing losses for some property owners.

For example, in the Phase 1 of Tseung Kwan O New Town, a high-floor two-bedroom unit was eventually sold for HKD 5.6 million. The owner held the property for nearly 6 years, choosing to exit despite facing a significant paper loss of HKD 400,000 or 7%.

Similarly, in the Leung To Estate in Tai Po, a one-bedroom unit was sold for HKD 5.6 million, compared to the purchase price of HKD 6.089 million in 2019, resulting in a paper loss of HKD 489,000, representing an 8% decline. These transactions reflect the compression of profit margins in the current second-hand property market.

Moreover, a one-bedroom unit in Mei Foo Sun Chuen was transacted at a price of only HKD 9,072 per square foot. According to data from real estate agencies, the transaction volume of the top ten housing estates showed an increasing trend over the past weekend. Among them, Midland Realty recorded 14 transactions, a 17% increase from the previous week; Centaline Property's transaction volume increased to 17, a growth of 42%; and the transaction volumes of Ricacorp Properties and Hong Kong Property both rose by 18% and 88%, respectively.

During the holiday period, there were a total of 3 transactions in Tseung Kwan O New Town, mainly comprising two-bedroom units. One high-floor unit in Phase 1 of New Town was transacted at HKD 5.6 million, with a price per square foot of HKD 15,385. The original owner purchased it for HKD 6 million in 2018 and chose to exit after holding it for nearly 6 years, incurring a loss of HKD 400,000 or 7%. Similarly, a unit in Phase 2 of the development, with an area of approximately 441 square feet, was also transacted at around HKD 6.3 million.

In addition, at Cityplaza Sea View in Taikoo Shing, a mid-floor three-bedroom suite was transacted on the eve of Chinese New Year. Initially priced at HKD 14 million, it was eventually sold for HKD 12 million, at a price per square foot of HKD 16,736. After about two months of market adjustment, the cumulative price reduction amounted to HKD 2 million, representing a 14% decrease.

Victor Tin, Vice Chairman and President of Residential Department at Midland Realty, stated that the three consecutive weeks of increasing transaction volume in the top ten housing estates reflect the gradual recovery of the second-hand property market. However, Paul Bo, Executive Director (Hong Kong & Macau) of Centaline Property, pointed out that due to the considerable supply of new developments in the market, the activity and price pressure in the second-hand property market are expected to persist.