Top 10 Housing Estates See 20% Weekend Drop with Only 4 Deals Recorded
AM730 · 1 SOURCESabout 1 hour ago1 MIN
Summary
Ricacorp Properties reported that Hong Kong's top 10 housing estates recorded only 4 secondary market transactions during the weekend of August 15-16, representing a 20% decline from the 5 deals recorded during August 8-9. This marks the 10th consecutive weekend with single-digit transaction volumes. Ricacorp CEO Liao Weiqiang attributed the sluggish market to multiple factors, including families away on summer vacation, reluctant sellers refusing to reduce prices, and hesitant buyers adopting a wait-and-see approach. Additionally, new primary project launches diverted market attention, while concerns about the escalating US-Iraq conflict further dampened buyer confidence .
Key Points
- Weekend transactions dropped 20% to just 4 deals across the 10 major estates, down from 5 deals the previous weekend
- This marks 10 consecutive weekends of single-digit transaction volumes, indicating persistent market stagnation
- New Territories led with 3 deals, Kowloon recorded 1 deal, while Hong Kong Island recorded zero transactions
- Discovery Bay led individual estate transactions with 2 deals, while City One and Kingswood Villas each recorded 1 deal
- Specific deals included a 526-sq-ft unit at City One Phase 1 sold for HK$7.48 million and a 1,462-sq-ft penthouse at Kingswood Villas Phase 5 sold for HK$11.2 million