Hong Kong homebuyers snapped up new flats on offer on Saturday, fuelling optimism that the bull run in the city’s property market will continue.
All 154 units at Sun Hung Kai Properties’ Lime Spark project sold out as of 4.30pm, while 147 homes, or 93 per cent of the 158 flats available at Henderson Land’s Highwood Phase 2 project, found buyers, according to real property agents.
“Home prices have climbed by nearly 8 per cent this year, and prospective buyers are likely to find that a delay in purchasing will force them to pay higher prices,” said Louis Chan Wing-kit, vice-chairman of Centaline Asia-Pacific and president of its residential division.
Advertisement
“The strong momentum has prompted them to make their [purchase] decisions sooner rather than later. In the primary market, we have seen a buying spree amid residents’ increasing demand for homes.”
The sales frenzy on Saturday was in line with market expectations as Hong Kong’s home market had already shown signs of an upwards cycle early this year.
Property transactions surged to a four-month high in April, while the value and volume of home sales hit their highest level in 24 months, according to the latest official data from the Land Registry.
Advertisement