Secondary market gains due to rate reduction

The number of deals across the 10 major housing estates in the secondary market rose 25 percent to 10 over the weekend amid lower interest rates, according to Centaline Property.

As market sentiment continues to improve following the interest rate cut, homebuyers’ willingness to enter the market has grown, accompanied by active property viewing, which led to a boost in transactions, said Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline.

Chan noted that the secondary market will require a period of adjustment and is expected to see a steady increase in transactions, with a growing shortage of affordable flats in certain areas.