According to the analysis by the research department of Centaline Property, the volume of first-hand private residential property sale and purchase agreements continued to decline in the third quarter of 2023. This is mainly due to the current high interest rates and economic weakness, leading to an ongoing adjustment in the overall property market, with prices continuously declining and new property sales failing to meet expectations.

The market is awaiting the upcoming Policy Address on October 25, hoping that the government will introduce stimulus measures. Meanwhile, developers have slowed down their pace of new project launches, resulting in a continued slowdown in first-hand property transactions.

It is expected that the volume of first-hand private residential property sale and purchase agreements will remain sluggish in the fourth quarter of 2023, projected to be around 2,200, marking the lowest level in nearly a decade. The expected total number of first-hand transactions for the entire year 2023 is approximately 11,000, slightly higher than the 10,261 transactions in 2022, but still one of the lowest levels in the past decade, indicating that the property market still faces certain challenges.

Specifically for the third quarter of 2023, the volume of first-hand private residential property sale and purchase agreements was 2,510, with a total value of 25.22 billion yuan. Compared to the previous quarter, the volume decreased by 28.9%, and the value decreased by 50.6%. This marks the third consecutive quarter of decline since the fourth quarter of 2022.

As of the first three quarters of 2023, the volume of first-hand private residential property sale and purchase agreements was 8,820, with a total value of 109.665 billion yuan. Compared to the same period last year, the volume decreased by 1.6%, but the value increased by 11.1%.

Based on the sales value of newly launched projects by developers, in the third quarter of 2023, Cheung Kong's sales amounted to 5.74 billion yuan (874 units), Henderson Land's amounted to 4.79 billion yuan (526 units), Sun Hung Kai's amounted to 3.119 billion yuan (392 units), and SHKP's amounted to 2.09 billion yuan (146 units).

Based on the sales value of projects, the sales of Marina Cove II amounted to 4.141 billion yuan (654 units), Henley Park amounted to 2.491 billion yuan (266 units), Novo Land Phase 2A amounted to 2.077 billion yuan (329 units), Marina Cove I amounted to 1.521 billion yuan (215 units), and Island South Phase 4A - Oceanview Hill amounted to 1.009 billion yuan (49 units).