Midland Properties: In August, 1,090 first-hand residential transactions in Hong Kong increased 34% month-on-month, and the number of luxury property transactions of 100 million yuan surpassed last year

The Zhitong Finance App learned that Ma Taiyang, CEO of Midland Group and executive director of Midland Properties, said that as the consolidation period of the Hong Kong property market gradually came to an end, the market atmosphere improved, and residential transactions improved, and the volume of first-hand transactions rose sharply in August. According to the Midland Property Research Center's comprehensive first-hand residential property sales information network and market information, the first-hand transaction volume reached the level of thousands, recording about 1,090 cases, rebounding about 34% from month to month and hitting a 3-month high; the amount recorded about HK$15.82 billion, up about 40% from month to month, reflecting a clear recovery in the trading atmosphere in the new real estate market.

Ma Taiyang pointed out that first-hand private home sales rebounded in August. Among them, the performance of super luxury homes was even more prominent, and it also became one of the main factors driving the month-on-month increase in first-hand transaction amount higher than the number of cases. As an international financial center, Hong Kong's financial market continues to be active. As of the beginning of August this year, the amount of capital raised by Hong Kong's IPOs reached 41 billion US dollars, surpassing last year. The expansion of high-value-added financial institutions such as asset management and hedge funds is driving wealth effects and the demand for high-income professionals to buy homes, bringing support to the luxury housing market. At the same time, geopolitical uncertainty still exists, and Hong Kong continues to attract domestic and foreign capital and high-net-worth individuals to allocate assets through mature financial markets, free capital flows, and an international business environment. Among them, super luxury homes with scarce supply and the ability to preserve value are expected to continue to be favored by capital.

According to data, the number of first-hand private home transactions exceeding HK$100 million recorded 15 transactions in August, up significantly by about 87.5% month-on-month from 8 in July, and reached the third highest level in the year. Driven by this, the first-hand volume of over HK$100 million has risen to 107 in the first eight months of this year. Not only is it a sharp increase of more than 1.27 times over 47 transactions in the same period last year, it has also surpassed the level of 101 transactions for the whole of last year. I believe this month can further break the record high after 109 first-hand sales regulations in 2018.

Looking ahead to today and next two months, Ma Taiyang said that with the traditional “gold nine silver ten” peak season, it is expected that a number of new projects will be deployed and launched, bringing more choices to the market. If developers adopt a “quantity first, then price” sales strategy, the total volume of first-hand transactions is expected to exceed 3,000 in September and October.