Hong Kong's half year property sales up 9.4%

The total consideration of these deals hit $403.68b.

Total property sales in Hong Kong rose 9.4% YoY and 14.5% HoH for the first half of 2018, according to the Land Registry, as residents remained undeterred by sky-high prices in snapping up property deals. 

Also read: Vacancy tax may not dampen Hong Kong's runaway home prices

This translates to 46,875 sale and purchase agreements for all building units for a total consideration of $403.68b.

On a year-on-year basis, the total sales was also 8.2% higher.

Total property sales in June accounted for almost a fifth of the half-year transactions after hitting $80.8b despite a slew of housing initiatives announced by the administration to cool down Hong Kong’s overheated property market.

Also read: Reclamation and real estate revamp eyed to boost flat supply

Home prices in space-starved Hong Kong rose for the 26th straight month last May after an index of secondary market home prices rose 1.67% whilst the rental index edged up 0.2%.

Prices for larger homes, or those greater than 1,722 sq ft on Hong Kong Island edged up by 1.8% to an average of $26,409 psf. On the other hand, the price for smaller flats or those less than 430 sq ft, on Hong Kong Island fell 1.95% to around $16,744 psf.