AP: Hong Kong Island's first-hand super luxury property sales volume hit a seven-year high, outperforming the market

The Zhitong Finance App learned that according to statistics from Midland Properties (01200), Hong Kong Island's first-hand turnover of over HK$50 million hit a seven-year high, outperforming the market, while luxury property trading in the Hilltop South District also recorded an increase of nearly 40% over the second half of last year, with about 76 sales.

Lee Chung-yin, Hong Kong Island Director of Midland Properties, said that based on the “First-hand Residential Property Sales Information Network” and market data, Hong Kong recorded about 9,306 first-hand transactions in the first half of this year, up about 34% from about 6,929 in the second half of last year, and about 8% from about 8,619 in the same period last year, setting a six-year high.

As for luxury homes, in the first half of this year, Hong Kong Island (including Discovery Bay) recorded about 83 first-hand super luxury property sales of over HK$50 million in the first half of this year, up 17% from about 71 in the second half of last year, and 19% higher than about 70 in the first half of last year. Also, in terms of half a year, it was a seven-year high in the first half of 2018, after also recording about 83 cases.

Fang Fuyi, chief regional sales director for luxury homes in the South Peak District of Midland Properties, said that in the first half of this year, Hilltop South recorded about 76 transactions in the first half of this year, up about 38.18% from about 55 in the second half of last year, and hit a new high of 3 and a half years after the second half of 2021. The transaction amount recorded HK$7.556 billion, down about 20.53% from about HK$9.508 billion in the second half of last year, showing a slight increase or decrease.

In terms of high-value transactions, the South Peak District recorded 22 transactions exceeding HK$100 million in the first half of the year, similar to about 23 in the second half of last year. Of these, 10 were first-hand transactions and 12 were second-hand transactions. Furthermore, if broken down by type, bungalows in the South Hilltop district recorded about 19 transactions in the first half of the year, down about 26.92% from about 26 in the second half of last year. Of the bungalow sales in the first half of the year, 7 were first-hand, and 12 were second-hand.

As for the leasing market, the market also recorded a number of high-value leasing transactions. The top 3 were single house 11 Plantation Road with a monthly rent of about HK$1 million, Mount Nicholson's mid-floor D flat with a monthly rent of about HK$850,000, and the Mount Austin bungalow sold for a monthly rent of about HK$500,000. In addition, the highest rent per square foot is Mount Nicholson mid-floor flat D, single house 11 Plantation Road, and single house Shouson Peak. The rent per square foot is approximately HK$185, HK$116, and approximately HK$110, respectively.