Midland: Hong Kong's first-hand private residential transactions for four-bedroom or larger units have already surpassed last year's full-year total, hitting a 5-year high.

Midland Realty analyst Sammy Tsin pointed out that this year, driven by active upgrading activity and a booming luxury market, first-hand transactions for large units have performed outstandingly. According to data compiled by the Midland Realty Research Center from the Sales of First-hand Residential Properties Electronic Platform and market sources, as of October 8 this year, first-hand private residential transactions for four-bedroom or larger units recorded 840 cases, up about 56.7% year-on-year from 536 cases in the same period last year, and have already surpassed last year's full-year level of 789 cases, higher by about 6.5%, hitting a 5-year high. Upgrading demand has continued during the year, and the luxury market has also been buoyant. It is believed that transactions for four-bedroom or larger units will remain active in the fourth quarter, with the full-year total this year having a chance to challenge the 1,000-case level. Among the top 5 projects with the most first-hand transactions for four-bedroom or larger units during the year (as of October 8), BLUE COAST at Wong Chuk Hang Station performed most prominently, recording 71 cases, making it the project with the most first-hand transactions for four-bedroom or larger units in Hong Kong during the period; in Tai Wai ranked second with 61 cases; and , both in the Kai Tak runway area, recorded 49 and 41 first-hand transactions for four-bedroom or larger units respectively; entered fifth place with 38 transactions. Sammy Tsin added that in addition to driving outstanding transactions for four-bedroom or larger units, upgrading also led to ideal performance for three-bedroom units during the same period, recording 2,771 cases during the year (as of October 8), an increase of about 11.6% from the same period last year; however, it should be noted that two-bedroom units remain the mainstream of the first-hand market, recording 7,606 transactions during the year, an increase of about 8.5% from the same period last year; on the contrary, transactions for small units performed relatively weaker. Open-plan units recorded 521 transactions during the year, a decrease of about 43.4% from the same period last year; one-bedroom units recorded 3,419 cases, also a decrease of about 25.5% from the same period last year.