American League: Second-hand housing registrations of 10 million yuan or less in Hong Kong accounted for nearly 90% this year, a record high in 8 years

The Zhitong Finance App learned that according to data from the Comprehensive Land Registry of the Midland Property Research Center, the total number of second-hand housing registrations this year (as of November 25) was 36,398, of which 10 million yuan or less was recorded, accounting for 88.5%, an increase of 2.1 percentage points over about 86.4% last year, a record high of 8 years after 2016. The rise in the share of medium- and small-price second-hand properties is mainly related to the fall in property prices this year.

Liu Jiahui, chief analyst at Midland Properties, pointed out that the latest report of the “Midland Property Price Index” was 127.93 points, and property prices have dropped 7% so far this year. With property prices in Hong Kong falling, some units that originally sold for over $10 million have dropped to $10 million or less, while cases of $10 million or less have surpassed last year as a whole. In fact, when divided by different amounts, the number of second-hand registrations of 10 million yuan or less during the year is already about 2.8% higher than last year. This is the reason why the share of low-priced properties rose to an 8-year high in the middle of this year. Comparatively speaking, the number of second-hand registrations of over 10 million yuan to 20 million yuan is still about 18.8% lower than last year's full year.

If we divide the whole of Hong Kong into 18 districts, of the 4 districts with the highest number of second-hand housing registrations of $10 million or less this year, Shatin District had the highest number of registrations of 2,894 cases; Yuen Long District, with 2,837 cases; as for the Eastern District, which ranked third, 2591 cases of $10 million or less during the year; while Tseung Kwan O and Sai Kung ranked fourth with 2411 registrations.

If the above 4 districts are divided by proportion, Yuen Long's second-hand registrations of $10 million or less account for 96.7%, the first of the four districts; since Yuen Long District is dominated by medium- and low-priced properties, the share of second-hand registrations of $10 million or less in the district is far higher than the level of about 88.5% in Hong Kong; as for the remaining 3 districts, although slightly below the level of all Hong Kong, it is still between 85% and 87.6%. It can be seen that there is no shortage of mid-range property purchases.