Hong Kong residential transactions to increase by 5-10% in FY2024

CBRE expects up to 48,000 transactions to complete this year.

According to data from CBRE, in H1 2024, a total of 9,419 primary units were sold by residential developers in Hong Kong, equivalent to 87.6% of total primary sales in 2023. Majority of the transactions took place after the removal of property curbs, where developers managed to offload 8,049 units within 4 months (March till June 2024). Looking at the primary sales in recent months, buyers were mainly attracted by discounts and various incentives offered by developers.

For the remainder of 2024, Eddie Kwok, Executive Director, Valuation & Advisory Services, CBRE Hong Kong, says primary sales are likely to continue to capture market share from the secondary market and estimates a total of 14,000 to 16,000 primary units to be sold in FY2024.

A total of 18,357 secondary units changed hands in H1 2024 according to CBRE, an increase of 48.0% H-o-H. Yet, the rebound was less than primary sales.

“We foresee FY2024 to register around 45,000 to 48,000 transactions (primary plus secondary), around 5-10% increment,” Kwok said.