Hong Kong’s real estate deals jump to 24-year high in first half buoyed by upbeat economic sentiment
- Real estate deals amounted to HK$468.71 billion from January to June, the most since HK$483.6 billion in the first half of 1997, Midland Realty data shows
- Secondary housing tops the volume, accounting for nearly 60 per cent of the turnover this year
The overall volume, including homes, commercial and industrial properties and car parking spaces, rose to HK$468.71 billion (US$60.4 billion) in the first six months, the most since HK$483.6 billion in the first half of 1997, according to data compiled by Midland Realty. It represented a 74.2 per cent jump from the same period last year, when the Covid-19 pandemic coupled with the recession dampened investor sentiment.
Secondary housing topped the list, accounting for HK$280.06 billion or nearly 60 per cent of the turnover.
“Even under the haze of the pandemic, the property market has rebounded, with the number and value of transactions rising, of which the second-hand housing market has become the main driving force,” said Buggle Lau Kai-fai, chief analyst at Midland Realty.
Offices saw the fastest growth in transactions, rising nearly fivefold to HK$22.58 billion in the first half compared to HK$4.52 billion a year earlier. One of the biggest transactions was the HK$10.5 billion sale of Kowloon Bay International Trade and Exhibition Centre in June, data from Centaline Commercial showed.
