Sales in Hong Kong’s secondary home market are picking up again, said realtors.
Buggle Lau Ka-fai, Chief Analyst at Midland Realty, said the “number of secondary transactions in major residential projects rose to around 40” last week, “which is close to the normal level.”
“I expect the number to climb to 50 or even 60 this week,” he said.
However, Mr. Lau said home buyers may also be considering new flats, with units in nine projects, including Imperial Cullinan, Phase 2C of Lohas Park in Tseung Kwan O and the CentrePoint in Sheung Wan, expected to go on sale over the next two months.
While it is expected that sales in the secondary market will increase, Mr. Lau said both buyers and sellers are waiting to see if there are government initiatives on land supply in the upcoming budget, with some home owners withdrawing their flats from the market.
He also expects that the government will announce further measures to increase home supply. “I cannot say that sellers fear these measures, because if they do, they will sell all their flats now, before the budget comes out,” he said.
“But sellers want to know what the government will do before they put their flats back on the market.”