Knight Frank: Hong Kong's first-hand residential transaction volume in March did not show a significant slowdown, and the property market is expected to continue to rise steadily.

Jones Lang LaSalle (JLL) Senior Director of Project Strategy and Consultation, Li Yuanfeng, stated that the trend of Hong Kong property prices was positive in February, but in March, due to a stock market correction, some second-hand property buyers hesitated, leading to a decrease in transactions in the second-hand market. However, the first-hand market remained active due to buyers from mainland China and developers continuing to push new developments, resulting in a high transaction volume of 1600 units in March. The property market is expected to continue to rise steadily. According to data from the Hong Kong Rating and Valuation Department, the private residential property price index in February was 307.6 points, up 1.6% month-on-month, marking the ninth consecutive month of increase and a 7.7% year-on-year increase, reaching a high not seen in over a year and a half. Property prices have increased by 2.6% in the first two months of this year. Li Yuanfeng explained that the significant increase in property prices in February was mainly due to the bullish performance of the stock market, leading to optimism about the future trend of property prices, primarily driven by the performance of the first-hand market in January. Additionally, some second-hand property owners were in a wait-and-see attitude during the Chinese New Year, with some owners adjusting their prices upwards, contributing to the rise in the private residential property price index.