Midland Realty: 4 transactions recorded in the top 10 housing estates over the weekend, second-hand transactions affected by multiple factors and experienced a downturn.

Midland Realty recorded 4 transactions in the top 10 estates over the weekend, a week-on-week decrease of 69.2%. 8 estates recorded zero transactions, setting a new low for the weekend. Chen Wing-keung, Vice Chairman and President of the Residential Department of Midland Realty Asia-Pacific, stated that the weather was affected by the typhoon on Sunday, with heavy rain in some areas affecting property viewing activities. Previously, the market had already absorbed a large number of second-hand properties, making it more difficult for buyers to enter the market. In addition, developers continue to lower prices to attract customers, leading some customers to turn to first-hand properties, thereby diluting the source of second-hand customers. The first-hand property market continued to be prosperous over the weekend, and the sales of remaining units were also ideal, indicating a stable development in the short term for second-hand transactions. According to statistics from Midland Property Branch, 7 transactions were recorded in the top 10 indicator estates last weekend, a decrease of about 58.8% from the high of 17 transactions recorded last weekend, returning to the level of two weeks ago. If we calculate based on 15 major estates, 13 transactions were recorded, stabilizing above double digits for two consecutive weeks, reflecting that the market still has some resilience. Paul Bo, Chief Executive Officer of Midland Property Residential Department, pointed out that several new developments and surplus stock launched in August received good sales responses, indicating that the demand for property is still strong and stimulating further purchasing power. However, recent new developments have attracted customers, and many families and property owners have taken advantage of the summer holidays to travel abroad. With many second-hand properties being absorbed, the performance of second-hand transactions over the weekend has been poor. It is worth noting that the market is anticipating several rate cuts in the US before the end of the year, and if Hong Kong follows suit, a low interest rate environment will benefit the market in the future. Therefore, the overall market performance is expected to remain positive before the end of the year, with potential price increases in the third quarter. According to statistics on weekend transaction volume in the top 10 indicator estates by Midland Property, 3 indicator estates in Hong Kong Island, including Taikoo Shing, Kornhill Gardens, and South Horizons, recorded 3 transactions, a 40% decrease from the previous week; while 2 transactions were recorded in the 4 indicator estates in Kowloon, including Laguna City, Whampoa Garden, New Town Plaza, and Mei Foo Sun Chuen, a 75% decrease from the previous week; 2 transactions were recorded in the 3 indicator estates in the New Territories, including Aegean Coast, City One Shatin, and Kadoorie Hill, a decrease of about 50% from the previous week.