According to Yang Ming Yi, Senior Associate Director of Centaline Property Research, the number of sale and purchase agreements (including residential, carparking and commercial/industrial properties) registered in March 2023 was 8,590, with a total value of $69.021 billion, up 43.6% and 57.6% respectively from 5,980 and $43.808 billion in February.

The number of new properties sold in March and the market's expectation that the interest rate hike cycle will soon peak are positive for the property market, with the number of registrations expected to remain stable at around 8,000 in April.

On a quarterly basis, the first quarter of this year recorded 18,997 transactions and $145.32 billion in total sales and purchases, a significant increase of 62.1% and 63.5% quarter-on-quarter, and a three-quarter high after the 19,091 transactions in the second quarter of 2022.

For first-hand private residential units, 1,773 cases were recorded in March, with a total value of $18.65 billion, up 1.74 times and 1.05 times respectively from 647 cases and $9.09 billion in February. This was a 16-month high after the 1,857 cases and $19.72 billion recorded in November 2021. The number of first-hand sales rose back to 1,000 as developers actively put up new properties for sale. On a quarterly basis, 2,772 first-hand sales and $32.78 billion were recorded in the first quarter, each up 1.14 times quarter-on-quarter.

The highest number of new properties registered in March was NOVO LAND Phase 2B in Tuen Mun, which recorded 594 transactions and $3.677 billion. In second place was KOKO ROSSO, Phase 3A of KOKO HILLS, Lam Tin, with 307 units and $2.443 billion. In third place was Hoi Yuen Estate in Tseung Kwan O, with 98 cases and $572 million.

For second-hand private residential properties, 4,500 cases were recorded in March, with a total value of $37.44 billion, up 37.7% and 44.8% respectively from 3,269 cases and $25.86 billion in February. The number of cases was at a 20-month high since July 2021 when 5,088 cases were recorded, and the value was at a 10-month high since May 2022 when $38.66 billion was recorded.

This indicates that users have regained confidence in buying their first homes, while property prices have stopped falling and rebounded, spurring active second-hand transactions. On a quarterly basis, the first quarter recorded 10,223 second-hand transactions and $86.37 billion, up 58.9% and 55.4% quarter-on-quarter. Both the number and value of transactions hit a three-quarter high after the 10,853 and $96.54 billion recorded in the second quarter of 2022.

For large estates, 62 transactions were registered in Mei Foo Sun Chuen (totalling $454 million), 54 in Kingswood Villas (totalling $287 million), 50 in Cityone Shatin (totalling $295 million) and 43 in Taikoo Shing (totalling $515 million) in March.