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Hong Kong property deals fall by a quarter as exuberance over scrapping of cooling measures fades
- Some 7,361 homes, car parks, shops, office and industrial units changed hands in May, down by 25. 5 per cent from April
- From a year ago, both the number and value of property transactions in May were still higher by about 40 per cent
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Hong Kong’s property sales fell by a quarter in May, the latest official data shows, as analysts said the initial exuberance over the lifting of property cooling measures had started to wear off.
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Some 7,361 new and lived-in homes, car parks, shops, office and industrial units changed hands in May, down by 25.5 per cent from April, according to Land Registry data released on Tuesday. The total value of property sales plunged 25.8 per cent to HK$62.28 billion (US$7.9 billion).
From a year ago, both the number and value of property transactions were still higher by about 40 per cent.
Sales of residential units plummeted 35.1 per cent to 5,546 in May, but were up by 38.54 per cent from a year earlier.
The boost that stemmed from the scrapping of property curbs at the beginning of March appeared to be tapering off.
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In March and April, property deals rose on a monthly basis. In particular, the April sales – the highest since July 2021 when 9,957 units were sold – were roughly double the number in March, which marked the first full month of a restriction-free property market.
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