Hong Kong propertysales figures for September rose in both quantity and worth, as per official statistics, with the city's property market receiving backing fromeasing monetary policy and a resurgent stock market.
Total transactions in September - including new and existing homes,officespaces, retail outlets, vehicle parking spots, and factory premises - increased by 6.3 percent compared to the previous month, reaching 6,870 units, with the overall value climbing 11.9 percent to HK$53.48 billion (US$6.87 billion), as per data from the Land Registry published on Friday.
Deals increased by 79 percent compared to the previous year, with overall sales rising by 93.4 percent, according to the data.
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Home sales also rose by approximately 6.7 percent to 5,643 units, as per the government's data. This marked the seventh straight month in which residential transactions surpassed 5,000 units.
The official sales figures closely matched predictions from Centaline Property Agency and Ricacorp Properties, two of the biggest property agencies in Hong Kong. Centaline had forecast a 6.2 percent increase in total transactions to 6,862 units, whereas Ricacorp expected 6,883 units.
Following the resumption of interest rate reductions in September, theHang Seng Indexmaintaining its upward trend toward a four-year peak, and following the recent policy speech that eased investment immigration rules, market sentiment in the real estate sector remained positive," statedYeung Ming-yee, a senior associate director at Centaline.
This resulted in a small rise in transactions and may bring total registrations back above 7,000 in October.
The increase in real estate transactions indicated how thelocal market has stabilised.
Recent official figures published in September indicated that property prices in occupied homes rose by 1.26 per cent from April. In the same period, rental rates increased by 1.12 per cent - the highest rise in 14 months - reaching 198.7, only 1.4 points below the peak of 200.1 recorded in August 2019.
After the US Federal Reservea 25-basis point reduction in interest rates, theHong Kong Monetary Authorityemulated this action on September 18, leading to a 12.5-basis point decrease in the prime lending rates of the city's three note-issuing banks:HSBC, Standard Chartered and Bank of China (Hong Kong).
The city's stock exchange, on the other hand, saw a 220 percent increase in the amount of capital raised through new stock offerings, strengthening its hold on the leading position worldwide.initial public offering rankings.
As per real estate agents, the stock market's performance showed a strong link with local property transactions, though there was usually a delay. Wealthy purchasers, however, havereallocated a portion of their significant earningsfrom the stock exchange to purchasing high-end residences.
A total of 66 firms collected US$23.27 billionon the primary market of the Hong Kong stock exchange over the first nine months, as per information published on Tuesday by the London Stock Exchange Group.
This placed the city's stock exchange significantly ahead of the New York Stock Exchange, which came in second with $16.53 billion, and the Nasdaq stock market, which took third place with $15.32 billion, according to the data.
Due to multiple public holidays in October, the number of property transactions expected to finalize might slow down, possibly challenging the 6,240 level and indicating an eight-month low, as stated by Derek Chan, head of research at Ricacorp.
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This piece was first published in the South China Morning Post (www.scmp.com), a top news outlet covering China and Asia.
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