![](https://realestateasia.com/sites/default/files/styles/article_node_main_image/public/2023-07/decline.png?h=6a173a0b&itok=qCTh-WH6)
Hong Kong primary residential transactions dropped to 1,000 units in May
Secondary residential transactions were at 3,003 units.
According to a JLL report, after the latest rate hike, the one-month HIBOR climbed up to 5.03% as of 19 June 2023, the highest since December 2022. Buying sentiment remained relatively subdued.
The transaction volume in the primary and secondary market dropped to 1,000 units and 3,003 units, respectively, compared to a total of 4,583 units in April.
Here’s more from JLL:
The investment sentiment of mainland Chinese buyers was weaker than expected. In May 2023, there were only 57 cases that involved Buyer's Stamp Duty, compared to 71 cases in April. Mass residential capital values fell by 0.6% m-o-m in May, following an increase of 0.4% in the previous month.
A number of new launches were introduced to the market during the month, with mixed sell-through rates achieved. Ninety-one percent of a total of 535 units in the three launches of 'University Hill (Phase 2B)' in Taipo and 51% of 90 units of 'In One (Phase 1A)' in Homantin were offloaded on the first day of their project launches.
Among a scarce number of luxury sales transactions, a high-floor unit at 'Corniche' in Ap Lei Chau was sold for HKD 184.7 million or HKD 50,800 per sq ft, SA.