MLP: Low-interest environment continues, Hong Kong property prices will remain on the rise.

Midland Realty recorded 5 transactions in the top ten housing estates this weekend, an increase of 66.7% from 3 transactions last weekend. During the three-day Dragon Boat Festival holiday, there were 10 transactions. Yvonne Cheung, Vice Chairman and President of Residential Department of Midland Realty Asia-Pacific, stated that the trading atmosphere in the market continued to improve, with buyers actively looking at properties due to good weather this weekend. However, many residents took advantage of the long holiday to travel and watch the World Cup, in addition to the earlier market absorption of a large number of new listings, resulting in a shortage of new listings. As a result, owners have started narrowing the bargaining space, making it more difficult for buyers to enter the market and slowing down second-hand transactions slightly. The recent decision by the US Federal Reserve on interest rates led to Hong Kong maintaining its most favorable interest rate at the same level as the US. The low interest rate environment and the positive atmosphere in the property market both boosted purchasing power. However, the market focus remains on primary sales, coupled with competition from new developments, causing second-hand housing estate transactions to remain stagnant. According to the statistics from Midland Realty Branch, during the recent Dragon Boat Festival and Father's Day long weekend (June 19-21), around 10 transactions were recorded in the top ten second-hand housing estates. If only Saturday and Sunday (June 20-21) were considered, about 6 transactions were recorded, an increase of approximately 50% from the previous weekend, but still maintained at single digits for three consecutive weekends. With calculations on the 15 major housing estates, about 16 transactions were recorded over the long weekend, and about 10 transactions were recorded on Saturday and Sunday alone, an increase of about 42.9% from the previous weekend. Brave Tam, Senior Director of Midland Realty, stated that although there were no new major developments launched over the weekend, several new projects are expected to enter the market in the near future. As a result, primary sales continue to dominate the market focus and purchasing power. With many new listings in the secondary market being absorbed and new developments pricing competitively, there has been a shift in the attitude of second-hand homeowners in terms of pricing, leading to a slight slowdown in second-hand transactions in the near term. The long weekend coinciding with the Dragon Boat Festival also hindered second-hand housing estate transactions, with transactions in the top ten housing estates only slightly increasing from the previous weekend. Nevertheless, the ongoing low interest rate environment and high buying intention among citizens will continue to support property prices, maintaining an upward trend.