Hong Kong’s Weekend Home Sales Jump to Eight-Year HighBy
Buyers show confidence as pandemic situation in the city eases
City recently sees record-breaking apartment and land sales
Hong Kong’s property market is showing signs of strength, with weekend home sales reaching an eight-year high.
The 10 biggest housing estates tracked by Centaline Property Agency Ltd. recorded 37 transactions in the past weekend, a number unseen since 2013, according to the firm.
A stabilizing pandemic, relaxed social distancing measures and imminent Covid-19 vaccinations have boosted buyers’ confidence in the housing market, Louis Chan, the CEO of Centaline’s residential division, said in an emailed statement.
Despite experiencing the double whammy of protests and a deadly virus in the past couple of years, the city’s residential market has remained resilient. Used home value dropped just 1.5% as of Feb. 14 from a year earlier, Centaline data show.
Still, the positive sentiment isn’t reflected in the wider economy. Hong Kong’s gross domestic product shrank a record 6.1% in 2020, according to advance estimates. The unemployment rate increased in January to the highest level in more than 16 years, the latest government data show.