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Hong Kong Residential Market Report Q3 2022

Rosanna Tang • 15/09/2022
HK Residential Market Report Q3 2022
 

Hong Kong Residential Prices Further Corrected in Q3

Transaction Numbers Fell by 22% Q-O-Q as Interest Rates Rise

Market Could Stabilize in Q4, Focusing on Primary Sale

 
Given the local epidemic situation, global economic instability, and interest rate hike cycle, home buyers turned cautious and held a wait-and-see attitude, exerting downward pressure on prices. Residential market momentum has moderated, and we now expect residential transaction numbers to drop 22% q-o-q to record approximately 11,600 deals in Q3.
 
Key Highlights
 
  • The number of residential S&Ps in Q3 2022 is estimated to fall by 22% q-o-q and 39% y-o-y
  • Home buyers turned to a wait-and-see attitude amid rising interest rates and economic uncertainties
  • Home prices are expected to consolidate in both mass and luxury markets, by -5% to -8% annually for the overall market
  • We expect full year residential transaction volume to drop by 35% y-o-y
  • With COVID cases expected to peak in September, home prices could bottom out in September or October, and to stabilize in Q4 2022

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