Agents Report Over 100 Loss-Making Secondary Home Transactions in September Despite Price Increases
According to agents cited by the South China Morning Post, at least 100 transactions for secondary homes resulted in losses in September, even as property prices showed signs of increasing.
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Agents reported to the South China Morning Post that there were a minimum of 100 transactions for secondary residences in September that resulted in financial losses, even though property prices were reportedly trending upward. While the Hong Kong property market avoided an immediate downturn following the US Federal Reserve's rate hike in September, and agents projected that home prices might be 15 per cent higher by the end of the year compared to the previous year, this positive trajectory was not generally observed in the secondary home market, according to the same agents. Loss-making transactions for secondary homes occurred across Hong Kong Island, Kowloon, and the New Territories last month, affecting both the luxury and mass-market segments. Sources indicated that the recorded losses varied, ranging from over 10 per cent up to as much as 30 per cent.
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