Centaline Property Research Senior Associate Director Wong Leung-sing pointed out that in January 2023, 110 agreements for sale and purchase of luxury properties (both first-hand and second-hand) valued at over $20 million were registered, with a total value of $10.106 billion, up 7.8% and 72.2% respectively from 102 and $5.869 billion in December 2022.

The sharp rise in sales and purchases was mainly due to a large registration of $3.6 billion at 66 Deep Water Bay Road in Southern District.

For first-hand sales, 45 first-hand luxury residential agreements valued at over $20 million were registered in January 2023, with a total consideration of $2,836 million, up 18.4% and 1.09 times respectively from 38 and $1,354 million in December last year.

The number of first-hand transactions was a six-month high since July 2022 when 45 transactions were recorded. This indicates that first-hand luxury property registrations rose during December, as developers actively promoted the sale of new luxury properties.

On the second-hand side, 65 second-hand agreements for sale and purchase of luxury residential properties valued at over $20 million were registered in January 2023, with a total value of $7,271 million, up 1.6% and 61.1% respectively from 64 and $4,514 million in December last year.

This was a 13-month high since December 2021, when $7.347 billion was recorded. Second-hand sales ended their decline, indicating a gradual stabilisation of the second-hand luxury property market during December.

The luxury residential estate with the highest number of sales and purchases registered in January 2023 was Kai Tak Riverview, with 10 transactions valued at $795 million.

This was followed by Providence Peak at Kai Tak, with 6 cases and a total value of $190 million. St. George's Mansions in Ho Man Tin recorded 5 cases with a total value of $492 million.