According to Yang Ming Yi, Senior Associate Director of Centaline Property Research, the total number of sale and purchase agreements (including residential, carparking and commercial/industrial properties) registered in May 2023 was 5,261, with a total value of $45.342 billion, representing a decrease of 8.6% and 28.9% compared to 5,755 and $63.742 billion in April respectively. The overall number of cases was a four-month low after 4,427 cases in January and the value was a three-month low after $43,808 million in February. Reflecting the long Easter holiday in April, many people went out to travel, temporarily slow to enter the market, the overall property market transactions slow.
For first-hand private residential properties, 969 cases were recorded in May, with a total value of $10.97 billion, down 37.1% and 57.7% compared to 1,541 cases and $25.93 billion in April respectively. Both the number of cases and the value of the record 3 month low after 647 cases and $9.09 billion in February this year. The new development University Hill in Pak Shek Kok, Tai Po was launched at the end of April and has started to sell well, so it is expected that the number of first-hand sales will be back to over 1,000 in June.
The highest number of new properties registered in May was University Hill Phase 2A in Pak Shek Kok, Tai Po, with 327 cases and $2.326 billion. Tuen Mun Fei Yang Phase 1 recorded 87 cases and $367 million. KOKO HILLS Phase 3B in Lam Tin recorded 83 cases and $680 million. Hung Hom Baker Place recorded 65 cases and $366 million.
For second-hand private residential properties, 2,800 cases were recorded in May, with a total value of $25.11 billion, up slightly by 1.7% and 2.8% respectively from 2,753 cases and $24.42 billion in April, mainly due to the higher number of working days in May. In terms of the average number of registrations per working day, the average number of registrations in April was 161 per day for 17 working days and 133 per day for 21 working days in May, representing a significant decrease of 17.4% in the number of registrations in May, indicating a slowdown in the secondary market.
For large estates, 34 transactions were registered in May for Kingswood Villas ($178 million), 32 for Mei Foo Sun Chuen ($237 million), 22 for Taikoo Shing ($242 million) and 21 for City One Shatin ($120 million).