Hong Kong sees 57.2% jump in property sales in March

Hong Kong

Property sales in Hong Kong rose 57.2 percent in March from the previous month, a clear sign that the market was largely buoyed by the government’s lifting of all property cooling measures in its 2024-2025 Budget.

According to a report by China Daily, in March, the city's Land Registry recorded 5,013 sale and purchase agreements for all building units submitted for registration. This marked a decrease of 57.2 percent compared to February, and a 41.7 percent decrease from the previous year.

The total consideration for such agreements in March rose 65.5 percent from February, to HK$37.4 billion, while a 45.7 percent year-on-year decrease was recorded.

Of the agreements, 3,971 were for residential units, representing a 67.2 percent increase from February and a 40.6 percent fall from a year ago, the data showed.

The total consideration for residential units was HK$30.1 billion, up 57.4 percent compared with February and down 48.1 percent year-on-year.

There were 367,409 land register searches last month, the Land Registry added.

New and secondhand home sales in the city soared shortly after the Hong Kong Special Administrative Region government announced on 28th February that no special stamp duty, buyer stamp duty or new residential stamp duty is payable for residential property transactions, with immediate effect. Sellers and buyers of residential properties however are still required to pay ad valorem stamp duties at Scale 2 rates, from HK$100 ($12.8) up to 4.25 percent of the consideration.

Since 2010, the HKSAR has introduced a raft of property market tightening measures to cool down the sizzling housing market, with notable moves in November 2010, October 2012, February 2013 and November 2016.