Hong Kong’s property transactions surged to a five-month high in April, as a cut in the government’s stamp duty spurred more buyers to dive into the market and helped developers like Sun Hung Kai Properties (SHKP) to report brisk sales.
The value of real estate sales rose 9.8 per cent last month to HK$50.1 billion (US$6.46 billion) involving 7,229 new homes, lived-in abodes, offices, shops, car parking slots and industrial spaces, according to the Land Registry. The number of deals, which grew 8.5 per cent from March, was the highest since November 2024, when 7,689 deals valued at HK$64.1 billion were done, the data showed.
The strong data “primarily reflected the actual market conditions from late March to early April, [when] purchasing power in the secondary residential market was boosted by the reduction of stamp duty to HK$100 for properties priced under HK$4 million”, said Derek Chan, head of research at Ricacorp Properties.
Residential property buyers turned up in droves last month, helping developers and owners sell 5,694 homes, for the highest monthly tally since November’s 6,298 units, the data showed. SHKP was one such developer, selling every flat of the 318 units it released on April 26 at Sierra Sea in the New Territories. The project comprises 9,700 homes, making it Hong Kong’s single largest property project in about three decades.
Discounts helped attract buyers. The first batch of Sierra Sea was offered at an average price of HK$10,877 per square foot after discounts, about 20 per cent cheaper than lived-in homes in the same neighbourhood, according to Midland Realty.
