Residential transactions in GBA to pick up by 20%-25% in 2023

In 2022, the GBA saw a 35% YoY decline in transactions. 

Following a slowdown in residential transactions in 2022, Cushman & Wakefield (C&W) predicts that GBA will be able to recover in 2023.

In a report, C&W said transactions in the market will likely rise by 20% to 25%, adding that momentum will pick up towards the second half of the year.

Last year, transactions declined by 35% YoY to around 400,000 units.

“Despite the overall slowdown of GBA residential transactions in 2022, the central government has recently relaxed national pandemic policies and border restrictions with Hong Kong, which will likely help drive residential purchases in 2023,” Alva To, C&W's vice president, Greater China & Head of Consulting, Greater China, said.

“Initially, Hong Kong buyers may go over the border to finalize their previously on-hold transactions, which may not trigger an immediate V-shape recovery,” To added.