Weekend home sales hit 5-year low over Easter holiday period

Only 97 units were recorded over the long weekend.

According to Maybank Kim Eng, 97 primary residential property units were transacted over the 4-day long weekend, 49% WoW hike from 65 on previous weekend but a 12% YoY drop compare with last Easter. The weekend figure also set a 5-year low for primary sales over Easter Holiday period. 

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Separately, secondary transactions also dropped 74% YoY to only 19 from top 10 residential estates, according to property agency Centaline.

The Reach (Yuen Long, developed by Henderson Land (12) and New World Dev (17)) continue to dominate the primary sales with 44 unit transactions over the weekend, while HK Ferry (50)’s Green Code recorded 17 sales.

The weak physical sentiment sustained as demonstrated by weak property sales, and the drop in secondary property price index, CentaCity Leading Index last week.

We believe that developers will continue to adopt a more aggressive approach in marketing their projects, such as increasing agency commission, second mortgage, and price cuts, which will further hurt sentiment, in our view.