The high-end home market in Hong Kong continues to grow, as home sales increased sharply in March, according to the Hong Kong Land Registry.
According to Hong Kong Land Registry data released Wednesday, sales of residential properties in Hong Kong jumped 43.6% to 5,856 last month, and the total transaction value for residential units was HK50.375 billion (US$6.48 billion), which is 38.2% higher than in February.
The number of transactions for residential building units valued at more than HK$10 million (US$1.28 million), reached 1,177 and accounted for 20% of all home sales in March.
Hong Kong remained the world’s second-most expensive city for the fourth consecutive year, according to The Economist Intelligence Unit’s bi-annual cost of living survey released in March.
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The home sales increase was mostly driven by the secondary market. Data from the Hong Kong Land Registry shows 4,085 transactions in the secondary market were recorded, up 71% compared to the February. But sales of new homes were flat at 1,444 deals in March.
Kowloon topped all other regions in Hong Kong with a record 2,415 residential and commercial property sales in March. Hong Kong Island, where popular luxury home neighborhoods such as The Peak, Mid-Levels, and Happy Valley are located, came in second.
Home sales in Hong Kong are expected to continue growing in April. Buggle Lau Ka-fai, the chief analyst at Midland Realty in Hong Kong, told the South China Morning Post that he expects transaction volume in the residential market will exceed 8,000 in April.
"We saw strong sales results at new project launches in March," Mr. Lau said.