Property sales down 22.6% in January

The total consideration for the 5,589 deals hit $72b.

Hong Kong’s property market continued to weaken as the number of sale and purchase agreements for all building units that were received for registration fell 22.6% to 5,589, according to a government statement.

On a month-on-month basis, however, the sales figure is up by as much as 84%.

Also read: Property deals down 5.5% to 79.193 in 2018

The total consideration for sale and purchase agreements for the month was $72b which represents an increase of 67.2% MoM and 5.1% YoY.  The total consideration for the 4,543 residential units in January hit $44.9b, up 86.6% from December but a YoY drop of 9.8%.

Also read: Hong Kong hit by first wave of negative equity in two years

In response to weakening sentiment, property developers turned to discounts in an effort to strengthen sales with Sun Hung Kai Properties offering discounted prices of up to 50% on its Downtown 38 apartment complex in Ma Tau Kok. China Overseas Property also managed to dispose 322 of 486 flats at The Regent Complex with offering prices 32% lower than Sun Hung Kai’s St Martin apartments in the same neighbourhood.

After almost ten years of housing market bull-run, Hong Kong's heated housing market is finally trending downwards as both home prices and sales take a beating under escalating trade tensions between the US and China and the slowdown in the Mainland economy.