According to the Registry of Deeds, the total number of property registrations in the previous month, encompassing residential, parking, and commercial properties, was 5,795 units, a 10% decrease compared to September. Compared to the same period last year, there was a 19.4% decline. Over the first 10 months of the year, a total of 74,671 registrations were recorded, marking a near-five-year high and a 15.6% increase from the same period last year. Among these registrations, residential real estate contracts accounted for 4,512 units, a 5.2% drop from September, and a 21% decrease compared to October last year. The value of residential purchase contracts in October was HKD 42.3 billion, a 9.5% reduction from September, and a 17.1% drop compared to October last year. Additionally, the total value of all property purchase contracts in October stood at HKD 50 billion, marking a 6.5% decrease from September and a 13.6% drop compared to October last year.
According to the data from the Registry of Deeds, the drop in property registrations last month, with buildings accounting for 5,795 registrations, reflects ongoing trends in the Hong Kong real estate market. This decline, following a 5.2% drop in residential sales, suggests ongoing challenges in the residential sector. The broader market performance over the first ten months of the year, however, indicates growth compared to the same period in 2022. This period saw 74,671 property registrations, a 15.6% increase, highlighting both the resilience and fluctuations within the sector.
The decline in residential sales and property values suggests a slowdown in the market, particularly in the residential segment. Economists attribute this drop to various factors, including increased interest rates, cooling measures, and economic uncertainties. Despite the decline, the total number of property registrations over the first ten months shows a positive trend, indicating that the overall real estate market remains robust compared to the previous year.