Higher home sales in Hong KongRecorded residential real estate sales during May increased for the second consecutive month.
Developers are continuing to offer discounted rates for new build properties and this is encouraging existing home owners to negotiate on price in order to compete. The monthly report from Knight Frank shows that sales volumes rose by 10 per cent on a monthly basis. Total residential real estate sales last month hit 5,270 the greatest number for fifteen month.
Of those sales more than 500 were for high end luxury homes valued at or above HK$10 million – 17 per cent more than the number that sold during April. The market was given a boost last month when the government introduced changes to the Double Stamp Duty scheme. The changes in stamp duty now allows second home buyers more time to sell their first property in order to qualify for the rebate.
Other cooling measures remain in place to keep a check on price growth but experts believe sales activity will remain buoyant.