Hong Kong home sales slide in January, but agents eye Lunar New Year ‘mini-boom’

Hong Kong’s property transactions slipped in January, official data showed, but agents are betting on a Lunar New Year “mini-boom” after several new-home launches sold out in recent weeks.Deals covering new and existing homes, offices, shops, car parking spaces and industrial units fell 15.2 per cent month on month to 7,631, while transaction value declined 12 per cent to about HK$57.25 billion (US$7.3 billion).“With both the economy and stock market performing well, coupled with steadily rising property prices, various buyers are accelerating their entry into the market before the beginning of the year and the Lunar New Year,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.On a year-on-year basis, however, overall transactions jumped 54.5 per cent in January, with total value surging 55.8 per cent.Strong demand has been evident in the primary market. All five sales rounds at the Sierra Sea project launched by Sun Hung Kai Properties – comprising more than 1,200 units launched so far this year – have sold out.Located in Shap Sze Heung between Sai Kung and Ma On Shan in the New Territories, the development is Hong Kong’s largest housing project since 1999.Residential sales edged down 3.6 per cent month on month to 5,669 units.