Hong Kong’s property deals exceed 7,000 for the sixth straight month in March

Hong Kong’s property transactions crossed 7,000 for the sixth consecutive month in March – the first time in four years that monthly volumes stayed above this level – amid rising demand, according to estimates compiled by leading real estate agencies.The value of transactions for offices, shops, new and second-hand homes, industrial spaces and car parking slots amounted to nearly HK$64 billion (US$8.16 billion), according to separate estimates by Centaline Property Agency and Ricacorp Properties.Sales of residential units accounted for about 75 per cent of the overall deals, according to the estimates.“The escalation of the Middle East conflict and stock market volatility at the end of February did not deter end-users and investors from entering the market, the property market atmosphere remains robust after the Lunar New Year,” said Yeung Ming-yee, senior associate director at Centaline.Yeung said property transactions were likely to reach 8,000 units in April.New home sales, meanwhile, were impacted by the Chinese New Year holidays, with developers slowing property launches. Sales of new residential units fell 46 per cent month on month to 1,362, which was also a 13-month low, according to data compiled by Ricacorp.