Home price expected to rise by maximum 3% in 4Q conducive to stable outlook
- Economic recovery in Hong Kong drove upsurge of residential property transactions by 15% y-o-y in 3Q 21. With purchasing power gradually unleashed, transaction volume has gone down since August and is expected to shrink in September. Property market will enter consolidation phase.
- Despite a downward trend in transaction volume, home prices are expected to progress steadily in 4Q with room to rise by maximum 3%.
- New project sales from property developers are expected to continue in 4Q, and primary sales will dominate the market
HONG KONG SAR – Media OutReach – 15 September 2021 – Global real estate services firm Cushman & Wakefield publishes Hong Kong Residential Markets Review and Forecast 3Q 2021 today. With the purchasing power of the market unleashed at a certain level and consumed in 1H 21, available affordable units reduced, and diminished bargaining space for owners, the transaction volume has displayed a downward trend.
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