According to Jones Lang LaSalle, the Hong Kong property market showed positive momentum in February. In March, a stock market correction deterred some secondary property buyers, leading to a decrease in secondary market transactions. However, the primary market remained active, supported by continued interest from mainland buyers and developers maintaining their sales launch schedules. As a result, primary market transactions in March remained high at approximately 1,600 units, with no significant slowdown observed. The property market is expected to continue its steady upward trend. Data from the Hong Kong Rating and Valuation Department indicated that the private domestic price index reached 307.6 points in February, rising 1.6% month-on-month. This marked the ninth consecutive monthly increase, with a year-on-year growth of 7.7%, reaching the highest level in over a year and a half. In the first two months of this year, property prices accumulated a 2.6% increase. Jones Lang LaSalle noted that the significant price increase in February was largely driven by strong stock market performance at the time, which boosted optimism regarding future property price trends, continuing the positive momentum from January's primary market performance. Additionally, during the Lunar New Year period, secondary property owners adopted a wait-and-see approach, with some raising their asking prices, contributing to the rise in the private residential price index.
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