Midland Realty: First-Hand Property Transactions Surpass $130 Billion, Setting a 3-Year Record
Following the government's recent economic stimulus measures and the gradual impact of interest rate cuts, first-hand property transactions surged over the weekend, leading to a noticeable uptick in September's monthly figures. As the market for new properties rebounded in September, the year-to-date first-hand sales have reached nearly 11,000 transactions, with the total transaction value exceeding HK$130 billion. This represents a more than 20% increase compared to last year’s total of HK$110.1 billion, setting a new three-year high both in the number of transactions and total value.
According to data compiled by Midland Realty’s research centre and other market sources, as of September 29, 2024, there have been 10,967 first-hand transactions, representing an increase of approximately 4.8% compared to last year’s total of 10,463 transactions. In terms of value, first-hand property transactions have already hit HK$133.67 billion, surpassing last year’s total of around HK$110.1 billion by 21.4%, also setting a new three-year record.
With the first-hand property market's strong performance in 2024, the government's economic measures and interest rate cuts are expected to continue fueling sales, particularly in key districts like Kai Tak and and Ho Man Tin. Analysts predict continued momentum in the coming months, potentially setting new records for the year.