Business · Economy · 1 day ago
Hong Kong New-Home Sales Outpace the Secondary Market
Hong Kong has seen a sharp difference between sales of newly built homes and used homes in recent months.
New-home sales rose more than 95 per cent from July to about 1,500 in September.
Their total value increased 31.8 per cent to HK$20.88 billion.
The recovery in the secondary market, where existing homes are sold, has been more modest.
Analysts say developers are cutting prices to reduce their unsold stock before interest rates are expected to rise in the coming months.
Those discounts make new homes more affordable and draw buyers away from used homes.
Analysts expect the gap between the two markets to continue for some time.
Hong Kong sales of new homes have recovered much faster than sales in the secondary market in recent months.
New-home sales rose more than 95 per cent from July to about 1,500 in September, according to Centaline Property.
The total value of those sales increased 31.8 per cent to HK$20.88 billion (US$2.66 billion).
Analysts say developers are cutting prices to clear new-home inventories ahead of expected interest rate rises.
The discounts are making new homes more affordable and drawing buyers away from used homes.
- Who
- Developers are cutting prices, and buyers are purchasing new homes. Analysts cited by SCMP describe the trend.
- What
- New-home sales are rising much faster than sales in the secondary market.
- When
- In recent months; new-home sales rose from a slump in July to about 1,500 in September.
- Where
- Hong Kong.
- Why
- Developers are cutting prices to clear inventories ahead of expected interest rate rises, making new homes more affordable.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Sales of new residential properties were in a slump.
New-home sales reached about 1,500, more than 95 per cent above July, according to Centaline Property.
- New-home sales in September
- About 1,500
- Rise in new-home sales from July to September
- More than 95 per cent
- September transaction value
- HK$20.88 billion (US$2.66 billion)
- Increase in transaction value
- 31.8 per cent
Sources
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