According to the Land Registry, the overall property (including residential, parking spaces and industrial and commercial properties, etc.) registered 4,777 cases in June, down 9.6% from May, the third consecutive month of decline, and down 24.1% compared to the same period last year.
Among them, 3,613 residential sales and purchases, down 9.7% month-on-month and down 25.1% compared to the same period last year.
The total value of agreements for sale and purchase of properties in June was $39.7 billion, down 11.0% from May and down 25.4% from June last year. The total value of residential sales and purchase agreements accounted for $33.6 billion, down 8.6% month-on-month and 25.5% year-on-year, respectively.
Midland's chief analyst Lau Ka-fai pointed out that benefited from the resumption of customs clearance, Hong Kong's first quarter, the overall property registration volume rebounded significantly, from only 3,500 cases in December last year continued to climb, to March this year, approaching 8,600 cases. However, in the second quarter, the number of cases dropped significantly, losing 6,000 cases in April and falling to 4,777 cases in June, dragging down the overall registration volume of only 34,822 cases in the first half of the year.
Compared to the first half of last year, hit by the epidemic, is the property market is very slow market, the number of cases this year than the first half of last year only 32,828 cases rose about 6.1%. If compared with 50,336 cases in the first half of 2021, this year is even lower by about 30.8%. Even compared with the average of about 38,510 cases in the first half of 2016 to 2020, this year is still about 9.6% lower, it can be seen that the rebound is not enough.
On the other hand, there is a shortage of second-hand shoots after a round of digestion, coupled with many foreign professionals and students are arriving in Hong Kong, stimulating rental demand, owners choose to "resell to rent" is also unwilling to sell at a significant cut price, resulting in a freeze on second-hand sales. Riga Court director David Chan said, comprehensive branch data, the 50 housing estates in Hong Kong last week (June 26 to July 2) recorded a total of 55 cases of sale and purchase, compared with the previous week (June 19 to 25) of 80 cases decreased by 31%, a record low since early August last year 47 weeks.
By region, the 21 target estates in the New Territories recorded a total of 17 transactions last week, a 51% drop from the previous week's 35 cases. The 21 target estates in Kowloon recorded a total of 23 transactions, down 30% from 33 in the previous week. A total of 15 transactions were recorded in 8 target estates on Hong Kong Island, an increase of 25% compared to 12 transactions in the previous week. In addition, among the 50 target estates in Hong Kong, a total of 21 estates recorded "zero transactions" last week, an increase from 18 in the previous week, with 2, 9 and 10 in Hong Kong, Kowloon and the New Territories respectively.
David Chan pointed out that the interest rate trend is still variable, the public on the future of the market to hold a wait-and-see attitude, developers have seen this, the new property pricing close to the current market, successfully impress prospective buyers to inquire about subscription, while the secondary market to accumulate many to the corner customers, for the secondary housing estate transactions injected a new batch of potential buyers.
