Midland Realty: In May, the number of first-hand residential transactions in Hong Kong exceeded 2,000 again. The increase in property prices has boosted buyers' confidence in entering the market.

Analyst Ken Sung Yuen of Midland Realty pointed out that according to data from the Land Registry compiled by Midland Realty Research Center, the overall property transactions in May (including primary residential properties, secondary residential properties, government-subsidized housing, commercial properties, parking spaces, and others) totaled 8,532 transactions. Although there was a slight decrease of about 2% compared to the previous month, this was the first time in two consecutive months since July 2021 that the number of transactions exceeded 8,000, reflecting a robust real estate market recently. It is worth noting that registered cases are lagging indicators, and the cases registered in May generally reflect the market conditions in April. The market conditions in May continued to improve, with ideal sales of new developments and primary residential properties seeing a transaction volume exceeding 2,000 once again. The secondary market remained active as well. Taking into account non-residential properties, it is estimated that the overall property transactions in June will stabilize above 8,000 transactions. As for the latest secondary market conditions in the past week, with the market conditions continuing to improve and property prices rising, buyers' confidence in entering the market has increased. However, at the same time, a number of unsold units have been absorbed, leading to a steady development of secondary market transactions. According to data from Midland Bank branches, a total of 73 transactions were recorded in the past week (May 24 to May 31) in 35 large estates across Hong Kong, compared to 72 transactions in the previous week (May 18 to May 24), representing a slight increase of 1 transaction or about 1.4%. The number continued to stabilize at 70 transactions or above, which is about 12.3% higher than the average of approximately 65 transactions per week last year. If the 35 estates are divided into three districts, the number of transactions in Hong Kong Island saw the largest increase, with 14 transactions recorded in 8 estates last week, representing an increase of about 27.3% compared to the previous week. Among them, Taikoo Shing saw an increase of 4 transactions, while Ap Lei Chau and Lei King Wan each saw an increase of 1 transaction. Even though Kam Wah Estate and Nan Fung Sun Chuen saw a decrease of 2 and 1 transactions respectively, the transaction volume in Hong Kong Island continued to rise last week. In the New Territories, 37 transactions were recorded in 17 estates last week, representing an increase of about 19.4%. Among them, Casa Lakeville saw an increase of 5 transactions, while City One Shatin, Regalia Bay, and Sun Chuen Yuen each saw an increase of 2 transactions. Despite a decrease of 2 transactions in Greenview Garden, Haven of Hope Sunnyside, New Town Plaza, and Flower City Square, and a decrease of 1 transaction in Park Central and Park Island, the transaction volume in the New Territories rebounded last week. In Kowloon, 22 transactions were recorded in 10 estates last week, representing a decrease of about 26.7%. Among them, De Fu Garden, The Arch, and East Ocean Centre each saw a decrease of 2 transactions, while Larvotto, Metro Harbour View, Regent Heights, and Newport City each saw a decrease of 1 transaction. With only a increase of 2 transactions in Whampoa Garden, the number of transactions in Kowloon decreased last week.