CBRE: Hong Kong's property market turnover exceeded 5,000 for 4 consecutive months, maintaining the forecast of around 60,000 transactions for the whole year

The Zhitong Finance App learned that according to the Land Registry data, residential property transactions in Hong Kong rose 16.7% month-on-month to 5,955 in June. Guo Weiyan, executive director of CBRE Hong Kong Valuation and Advisory Services, said that residential properties have been sold for four consecutive months, which is the first sign of steady recovery since the downturn in the property market in the second half of 2021. He expects volume to continue to grow over the next six months.

He pointed out that with the launch of more new listings, the first-hand market is expected to further expand its market share. Judging from the current situation, the market continues to record 1,000 to 2,000 first-hand transactions per month. As overall turnover picks up, the bank expects the end of goods to peak before the end of the year and begin to gradually decline.

The bank maintained its forecast of around 60,000 transactions for the year, an increase of about 10% over the previous year. Among them, the primary market is expected to contribute about 18,000 to 20,000 transactions, while the second-hand market is close to 40,000.