Hong Kong Secondary Home Sales Jump 33% as Buyers Favor Newer Estates

Hong Kong's secondary residential market saw a significant surge in activity in the first eight months of the year, with transaction volume increasing 33.4% compared to the same period last year. This growth highlights a notable shift in buyer preference towards newer housing developments, which starkly outperformed many of the city's traditional estates.

Market Rebounds on Higher Volume

According to an analysis by Hong Kong Property Services based on Land Registry data, a total of 39,234 secondary residential units were registered from January to August. This marks a substantial increase from the 29,417 transactions recorded in the corresponding period a year earlier.

The data, which includes both private and public housing, points to a robust recovery in transaction velocity for the pre-owned property sector. However, a closer look at the most active private estates reveals a diverging performance between modern and legacy properties.

Newer Developments Lead the Pack

A key trend emerging from the data is the strong demand for newer residential complexes. Of the ten private estates with the highest transaction volumes, three were recently developed projects, and their sales growth far outpaced the market average.

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• LOHAS Park ranked first with 742 registrations, an increase of 80.5% year-over-year.
• Cullinan West secured the ninth spot with 183 registrations, posting the sharpest growth among the top ten at 81.2%.
• SIERRA SEA, another recent development, ranked sixth with 231 transactions, surpassing several well-established estates.

Mixed Results for Traditional Estates

In contrast, performance among Hong Kong's older, traditional housing estates was mixed. While seven of these properties made the top-ten list, most either lagged the market's overall growth or saw a decline in sales.

Laguna City was the sole traditional estate to outperform the market, with registrations climbing 38.6% to 158 units. Others, like Discovery Bay (+31.3%) and City One Shatin (+11.4%), saw more modest gains. Notably, four major traditional estates—Kingswood Villas, Mei Foo Sun Chuen, Taikoo Shing, and Whampoa Garden—experienced a year-over-year drop in transactions ranging from 1.2% to 7.1%.