Strong property sales for residential projects sold by devleopers
Following the latest move by Hong Kong to abolish property curbs, there has since been an influx of mainland Chinese buyers and property investors and local end-users snapping up new launch residential units.
About 6,000 primary units were sold in March and April alone compared to fewer than 900 units in 2023. While home prices have shown signs of stabilisation since March, local buyers are still price sensitive especially due to the prolonged high interest rate environment.
In addition to rising home supply and a sizeable unsold inventory, developers have to maintain a flexible pricing strategy to increase sales.
DBS Hong Kong further adds that “with the return of affluent mainland Chinese buyers, luxury developments should exhibit more resilience and fare better than mass market projects, which could see price declines of 5% in 2024 if rate cuts fail to materialise”.
The launch of residential projects near railway stations has all been well received, says the DBS report. The analysts attribute it to strong connectivity and attractive pricing.
According to DBS, over half of the transactions in selected developments are from mainland China. Investor demand has resurfaced, and local end-users have shaken off their wait-and-see attitude. As such, there has been a sharp rebound in primary market activities.
For the full year, DBS is projecting that 19,000 primary units will be sold in 2024, up 78% y-o-y.
(Source: EdgeProp)
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