Hong Kong’s real estate sales fell during the first half of this year to their lowest level since 2021, due to high borrowing costs and low demand for new housing.
According to JLL Real Estate data, real estate developers sold only 55% of properties completed during the first six months of the year, compared to a 78% sale rate over the past five years.
Nouri Lee, Director at JLL, stressed that the slowdown in residential property sales reflects buyers’ avoidance of new home purchases, while expecting house prices to decline as inventory increases and revenue falls.
He added that the new mega housing projects had to offer significant discounts to attract buyers.
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