According to Hong Kong real estate brokerage Centaline Property, luxury detached-home transactions totaled 164 deals in the first quarter (January-March), with a combined contract value of HK$9.056 billion (about 184 billion yen). The number of deals fell 9.4% from the previous quarter, but total value rose 6.0% to the highest level in 18 quarters.
New-home deals increased 5.3% to 20, and their total value jumped 27.9% to HK$3.661 billion. Resale deals fell 11.1% to 144, and their value slipped 5.0% to HK$5.395 billion. While resale activity has been trending down, Centaline said demand remains firm, noting that quarterly deal volume has stayed above 100 for six straight quarters.
Ultra-luxury homes priced above HK$100 million accounted for 22 deals, up 4.8%, with total value rising 14.6% to HK$6.006 billion. Both figures increased for a fourth consecutive quarter. The priciest transaction was a resale unit at Mount Nicholson on Hong Kong Island’s Victoria Peak, at HK$1.039 billion. A new unit at Plantation Blue Pearl, also on Victoria Peak, followed at HK$557.9 million.
Yang Mingyi, senior associate director in Centaline’s research department, said inflows of wealthy buyers have continued amid improving market conditions and rising listing prices, signaling a recovery in the luxury detached-home segment.
Yang also said second-quarter (April-June) activity could soften, citing the Hong Kong government’s February increase in stamp duty rates on home purchases above HK$100 million, turmoil in the Middle East and continued price gains for resale listings.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.