Centaline Property Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Mr Chan Wing-kit, pointed out that with the resumption of customs clearance between the Mainland and Hong Kong, the relaxation of anti-epidemic measures, and positive news such as the US slowing down interest rate hikes, the property market is now rebounding with a vengeance.

The Chief Executive Officer (Hong Kong and Macau) of Midland Realty, Mr. Brahms, also said that the recent announcement by the SAR Government to lift most of the anti-epidemic measures and to implement the first phase of the resumption of customs clearance on January 8 has brought very good news to the market, which will help the economy to recover step by step, stimulate the atmosphere of the property market and enhance buyers' confidence to enter the market.

Although the Chinese New Year is approaching and interest rates are still on the rise, the market generally expects that the resumption of normal customs clearance will have a positive stimulating effect on transactions and property prices, coupled with the fact that property prices have fallen by about 15% from last year's highs, many prospective buyers are taking advantage of the final push before the resumption of normal customs clearance to actively accelerate their "treasure hunt" in the secondary market, driving secondary transactions over the past weekend.

According to statistics from Midland Realty, the top 10 secondary market indicators recorded 29 transactions over the two-day New Year's Day weekend in 2023, a record high for 37 weekends since mid-April last year, and a week-on-week increase of 61.1% for the third consecutive weekend.

Based on a three-day long weekend on New Year's Day, the top 10 estates recorded about 34 transactions.

On the other hand, if we look at the top 15 estates, there were about 36 transactions over the two-day weekend, up 50% week-on-week, and about 42 transactions over the three days of New Year's Day.

According to Mr Brahim, the worst is over and there will be a "great spring", with first and second-hand transactions rising in the first quarter and property prices rebounding.

According to statistics from Hong Kong Land's branches, a total of 24 transactions were recorded in the top 10 blue-chip second-hand estates in Hong Kong, Kowloon and the New Territories over the New Year's Day long weekend, and 20 transactions were recorded in the two days of this weekend alone.

As many as nine of the top 10 target estates recorded transactions this weekend, with Mei Foo Sun Chuen being the most active with six transactions.

Chief Executive Officer of Hongkong Land, Mr Ma Tai-yang, said that the absence of major new developments for sale recently and the predominance of end-of-sale properties had stimulated buyers to return to the secondary market, leading to an increase in transactions.

In addition, many prospective buyers believe that the low point of the property market has passed and a rebound is imminent, so they are speeding up the pace of entry into the market.

According to Ricacorp's property branch network, 23 transactions were recorded in the past weekend (31 December to 1 January), a 92% increase over the 12 transactions recorded last weekend (24 December to 25 December), which was the highest since the 37-week period in late April last year and the first time the number of transactions exceeded the 20-plus level during the period.

For the 3-day New Year's Day holiday (31 December to 2 January), a total of 28 transactions were recorded in the 10 target estates, 33% more than the 21 transactions recorded during the 4-day Christmas holiday in the previous week.

In terms of first-hand new property transactions, a total of 32 units were sold over the three days of the New Year's Day holiday, of which 16 units were sold by Henderson Land's Fanling ONE INNOVALE-Cabanna.

The second phase of SHKP's existing Yuen Long Grand YOHO will be put up for sale this Friday with 10 units, covering two and three bedroom units with a usable area of 524 to 634 square feet, at a discounted price of $8,741,600 to $11,594,400 and a discounted price of $16,682 to $21,917 per square foot, with some units enjoying a cash rebate of 1% to 3% of the property price.