Hong Kong Property Market Hits 6-Month Low: A Deep Dive into the Decline of Real Estate Transactions and Value

The Hong Kong real estate market experienced a six-month low, as the effects of market-stimulating steps diminished. In August, the total number of property sales dropped 10 per cent from the previous month to 4,729 units, and their worth decreased by 20 per cent to US$4.4 billion.

The real estate market in Hong Kong experienced a downturn in August, as total property sales hit their lowest point since February when restrictive measures were still active.

The number of property transactions, which includes brand-new and previously owned houses, office spaces, car parks, retail outlets, and industrial areas, dropped by 10 per cent on a monthly basis to 4,729 units. This also represents a 33 per cent decrease from half a year ago, based on the data from the Land Registry made available on Tuesday.

The total value of deals decreased by roughly 20% monthly, dropping to HK$34.3 billion (US$4.4 billion). However, this figure represents an increase of over 50% when compared to February, according to the data.

Compared to the previous year, the quantity in August increased by 1.5 per cent, however, the worth decreased by 1.6 per cent.

The housing market experienced a downturn for the fourth month in a row, with sales dropping to 3,654 homes, a decline of 1.9% from July's numbers. This is the lowest level of sales in the past six months, with the last low point being 2,375 homes sold in February. The total value of these sales was HK$28.47 billion, which is a significant 20% drop from July's total of HK$35.