Above-$100-million luxury property transactions reach 33 deals in this year's first quarter

The number of above-HK$100 million luxury property transactions hit a record of 33 in the first quarter of this year, according to Midland Realty.

Midland Realty analyst Benny Sham said the number of transactions this year has set a new record for the first quarter since the Residential Properties (First-hand Sales) Ordinance was first implemented in 2013, which surpassed 14 transactions in the first quarter of last year in 1.5 months, a year-on-year increase of around 1.36 times.

Sham mentioned that more capital will flow into Hong Kong’s property market, particularly into luxury properties above HK$100 million, as buyers are actively entering the market, together with the rising Hong Kong initial public offering market, positive sentiment in the stock market continues, the wealth effect persists, and the US Federal Reserve expects to cut interest rates.

Among the 33 above-HK$100 million luxury properties, Mid-levels West recorded the highest amount of transactions with 16 deals, followed by Shoushan Hill and Repulse Bay with 6 deals.

Gloria Leung