US Union: First-hand customer transactions in Hong Kong rose 4.9% year-on-year in the first 11 months, concentrated on medium- to low-priced properties

The Zhitong Finance App learned that according to comprehensive data, Hong Kong recorded a total of 560 first-hand major customer transactions in the first 11 months of this year, up about 4.9% from 534 in the same period last year, and up nearly 8.5 times from 59 in the same period in 2023. In terms of units involved, the first 11 months of this year involved a total of about 1,378 units, an increase of about 1.5% over the same period in 2023.

Although there has been a marked increase in the number of major first-hand customers, it is believed that long-term investment and deployment will be the main focus. In the first 11 months of this year, the first-hand customers involved about 1,378 companies, accounting for only about 7% of the nearly 18,900 first-hand private home registrations during the same period, indicating that the current first-hand market is dominated by users.

Shum Chung-him said that large first-hand customers still mainly absorb small and medium-sized units of HK$6 million or less. A total of 666 companies were involved in the first 11 months of this year, accounting for nearly half of the same period. The number increased by about 27.3% compared to 523 companies in the same period last year, reflecting that many investors locked in medium- and low-priced properties for long-term rent collection.

Shum Chung-him believes that the reason why big customers prefer medium- to low-priced properties is also due to the fact that the stamp duty threshold of HK$100 was raised to less than HK$4 million, which reduced the cost of purchasing medium- to low-priced properties.

In the same period, the number of units over HK$6 million to HK$10 million and HK$10 million fell by about 10.1% and 17.2%, respectively. As the market entry situation of first-hand customers changed after the withdrawal of the country, the number of units purchased through the “one contract with many” form was reduced to about 20 units, a sharp decrease of about 44.4% compared to the same period last year.

In terms of regional distribution, of the first 11 known first-hand customer transactions in the first 11 months of this year, Saigon involved the largest number of units, with a total of 212 units, all from the SIERRA SEA series; followed by Wong Chuk Hang/Sham Wan, involving 148 units, with 112 units in the region; Kai Tak ranked third with 143 groups, with more companies such as Double Diamond, The HENLEY, DOUBLE COAST, etc. in Wan Chai/Causeway Bay and Tokwawan/Kowloon City, respectively.