Over the past two days, there have been only 26 transactions in the newly launched property market, marking the third consecutive weekend of decline, with a 57% decrease compared to the previous weekends, hitting a new low since the government relaxed restrictions. Notably, one 4-bedroom unit in The Peak in Kowloon sold for HK$190 million, becoming the largest transaction of the weekend.

Since the government's relaxation of restrictions, a total of 15 new developments have entered the market through public sales or tender, offering a total of 6,421 units, representing an increase of approximately 35% compared to the same period last year. This measure stimulated a surge in first-hand transactions during April 6th to 7th, reaching 501 transactions, marking a new high since August 12th to 13th last year.

However, the total transaction volume of newly launched properties has gradually declined since the government relaxed restrictions. Only 1,411 first-hand transactions were recorded in May, a decrease of 433 units compared to the previous month, down by 23.5%, hitting a new low since the relaxation of restrictions. The recent two-day decline in new property transactions to 26 marks a decrease of 34 transactions or 57% compared to weekends, also the lowest since the relaxation of restrictions by the government, representing a 95% drop from the peak of 501 transactions in April.

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Despite the slowdown in first-hand transactions, high-value transactions remain active. For example, a unit in Block 6, Floor 3A of The Peak in Kowloon, developed by Kerry Properties, was sold for HK$190 million, with a practical area of ​​3,765 square feet and 4 bedrooms, becoming the largest transaction in the past two days. As of now, 14 units have been sold in The Peak, with a total sales value of approximately HK$5.15 billion.

In addition, Sea Crest Bay in Tai Po, owned by Billion Development, also set a new high with the sale of House No. 8 for HK$88 million, with a practical area of ​​4,084 square feet.

Other newly launched properties with more transactions include Sea Crest Bay by Kowloon Development, which sold 4 units in the past two days; PARK SEASONS in Tseung Kwan O by Henderson Land and MTR Corporation, which sold 2 units; and MIAMI QUAY I by Kerry Properties, which sold 1 unit.