The demand for trade-up housing in Hong Kong continues to be unleashed, and the number of transactions of new residential properties with 3 or more bedrooms within the year has approached 3,000 units.
On August 19, Shum Chung Him, an analyst at Midland Realty, pointed out that the demand for home upgrading in Hong Kong has continued to release this year, driving outstanding transaction performance of new properties with three bedrooms or more.
According to the comprehensive data from the Research Centre of Midland Realty, the Sales of First-hand Residential Properties Information Portal and market news, as of August 17 this year, the transaction volume of first-hand private residential properties with three bedrooms or more has reached 2,970 units, about 17% higher than the 2,539 units recorded in the first 8 months of last year, hitting a new high in the same period in the 5 years since 2021.
Shum Chung Him added that some property owners are taking advantage of the improved property market sentiment this year to upgrade their housing and improve living quality. At the same time, developers are actively launching new properties with three or more bedroom units, and the diverse choices from different districts and projects have also become one of the driving forces for home upgrading demand. According to statistics, a total of 37 new projects have been launched this year so far, involving 2,352 three-bedroom or more units, an increase of more than 8% compared with the total number of similar units launched in new projects in the first 8 months of last year.
Benefiting from the driving force of home upgrading demand, the first-hand transaction performance of three-bedroom or more properties is outstanding this year. If divided by the 18 districts, the district with the largest first-hand transaction volume of three-bedroom or more properties within the year (as of August 17) is Kowloon City District, with a total of 760 transactions, far leading other districts and ranking first among all districts. The three-bedroom or more project with the most transactions in the district is The Knightsbridge in Kai Tak, with 83 transactions. Other relatively active projects include The V in Hung Hom, The Aura in Ma Tau Kok, Grand Homm in Ho Man Tin, VICTORIA COAST in Kai Tak and Ultima in Ho Man Tin, with transactions ranging from 55 to 79 respectively.
Sai Kung (including Tseung Kwan O) ranks second, with 579 first-hand transactions of three-bedroom or more properties recorded within the year. Among them, Sierra Sea in Sai Sha Road has the most outstanding performance, with a total of 407 transactions, accounting for about 70% of similar transactions in the district. It is not only the main source of transactions in the district, but also the project with the largest first-hand transaction volume of three-bedroom or more properties across Hong Kong in the same period. Another project with more transactions in the district is The Coastline at LOHAS Park, which has recorded 109 related transactions so far.
Southern District ranks third, with 294 first-hand transactions of three-bedroom or more properties recorded within the year. Among them, BLUE COAST at Wong Chuk Hang Station and The Southside recorded 103 and 66 transactions respectively, and the two projects together accounted for more than 57% of the relevant transactions in the Southern District. Sha Tin District follows closely with 218 transactions, and The Pavilia Farm has the most outstanding transaction performance in the district, recording 160 transactions.
This article is sourced from Viewpoint, and is released with authorization by 36Kr.