Business Daily Media

Men's Weekly

.

Cushman & Wakefield: Border Reopening With Mainland Supported Q1 Market Recovery Q1 Transaction Numbers Expected to Climb by 49% Q-O-Q


      • Buyers' confidence has improved with the full reopening of the Hong Kong-mainland China border, Q1 residential transaction numbers now expected to climb by 49% q-o-q to approximately 12,500 transactions
          • Q1 2023 residential prices rebounded to end decline since 2H 2022, with increases most notable in starter home and mass market segments
            • Market sentiment further supported by Ad Valorem Stamp Duty reduction, developers to expedite new project launches, 2023 residential transaction numbers expected to rise by 25%–35% y-o-y and prices by 5%–10% y-o-y

              HONG KONG SAR - Media OutReach - 16 March 2023 - Global real estate services firm Cushman & Wakefield announced its Q1 2023 Hong Kong Residential Market Review and Outlook today. With the border reopening between Hong Kong and mainland China enacted in early February, coupled with the reduction of Ad Valorem Stamp Duty (AVD) in the 2023/2024 Budget, property buyers have regained confidence in the residential market, with prices rebounding. Residential transactions picked up in Q1 and are expected to record an increase of 49% q-o-q, to approximately 12,500 transactions.

              Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, said: "The border between mainland China and Hong Kong has reopened, prompting improved market sentiment and buyers' confidence. Some buyers moved quickly to seize opportunities in the relatively attractive market before prices fully rebounded. Property inquiries and inspections have also increased from the previous lows of last year. The recent government-announced reduction of AVD for residential properties will benefit first-time home buyers and spur demand for small-to-medium-sized properties below the HK$10 million mark. Property transactions will likely gain pace as some developers are now accelerating their launches of new home sales."

              Edgar Lai, Senior Director, Valuation and Advisory, Hong Kong, Cushman & Wakefield added: "The latest government data reveals that Hong Kong's overall residential property price level in January 2023 ended a consecutive seven-month decline to rise a modest 0.6% YTD, although this price point is still 15% lower than the peak recorded in 2021. Property prices recovered across market segments, with some housing estates even recording mild V-shaped rebounds. Among them, prices at City One Shatin, representing the mass market bracket, rose by 20% q-o-q. Taikoo Shing, in the middle market, recorded an increase of 11.3% q-o-q. Prices at these popular housing estates had been on a downtrend in H2 2022 and underperformed the overall market, mainly due to the impact of rising interest rates and previous stock market volatility. However, the mainland China-Hong Kong border reopening has given these estates a strong boost, with some owners firming up their asking prices due to the more promising outlook. As for the luxury housing segment, prices edged down only slightly in 2022 on the back of strong holding power from luxury homeowners, and hence the price rebound was generally less noted than in the mass market given the large lump sum commanded by such properties. Prices at Residence Bel-Air, representing the luxury market bracket, rose by 5.3% q-o-q. "

              Commenting on the market outlook, Edgar Lai shared: "In terms of primary market supply, we expect developers to focus on launches for mass market and mid-to-low priced properties, in key areas such as Hong Kong Island South, Kai Tak, Northwest New Territories, Sai Sha, and Pak Shek Kok. With the support of the AVD reduction policy, we anticipate that first-time home buyers and upgraders will quicken their pace to enter the market, while mainland buyers will renew their activity to support the recovery in transaction numbers. Considering the low base of transactions last year, it is expected that the annual residential transaction count will rise by 25% to 35% y-o-y, reaching about 58,000 to 60,000 transactions by the end of 2023."

              Rosanna Tang concluded: "Given that interest rates have yet to peak, and geopolitical and economic uncertainty may still impede a full recovery, the residential market may experience fairly sluggish property price movements in 2H this year. Nevertheless, we are delighted to see the government's active measures to reopen the city, which will help to expedite the return to normalcy in the broader economy and society. Over the long run, we believe that mainland buyers will be integral in supporting a full property market recovery in Hong Kong. The city's overall property price level is expected to rise by 5-10% for the full year in 2023, and this will be mostly reflected in the 1H period."

              Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield (Left) and Edgar Lai, Senior Director, Valuation and Advisory, Hong Kong, Cushman & Wakefield (Right) shared Cushman & Wakefield's Q1 2023 Hong Kong Residential Market Review and Outlook today.

              Click HERE to download the high-resolution press release photo and presentation material.

              Hashtag: #CushmanandWakefield

              The issuer is solely responsible for the content of this announcement.

              About Cushman & Wakefield

              Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 52,000 employees in over 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance. In 2022, the firm had revenue of $10.1 billion across core services including valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. To learn more, visit .hk or follow us on LinkedIn ().


News from Asia

ANDPAD Launches Vietnamese Language Support for its Cloud-Based Construction Project Management Service

Expanding Multilingual Support for Global Users TOKYO, JAPAN - Media OutReach Newswire - 26 June 2025 - ANDPAD Inc. (Head Office: Chiyoda-ku, Tokyo; CEO: Takeo Inada; hereinafter ANDPAD), which op...

Changhong Unveils Smart Living Innovations at 2025 Jakarta Expo, Bringing AI-Driven Appliances to Indonesian Homes

Exclusive Shopee partnership brings cutting-edge smart living technology to Indonesian consumers JAKARTA, INDONESIA - Media OutReach Newswire - 24 June 2025 - Changhong, a global leader in smart ...

Malaysia Launches Full-Scale Startup ASEAN Platform To Drive Regional Growth

PUTRAJAYA, MALAYSIA - Media OutReach Newswire - 26 June 2025 - Malaysia today launched the Startup ASEAN platform, marking the full-scale rollout of a bold, unified digital gateway to connect and e...

Hong Kong Civil Claim Centre Launches Free Work Injury Compensation Calculator

HONG KONG SAR - Media OutReach Newswire - 26 June 2025 - The Hong Kong Civil Claim Centre (hkcivilclaim.com) has officially launched a brand-new online feature: the Work Injury Compensation Calcu...

Deleted

This Press release has been killed

SiegFund Transforms into SiegPath: A Strategic Rebrand Paving the Way for the Future of Professional Trading

HONG KONG SAR - Media OutReach Newswire - 24 June 2025 - SiegFund, a fintech–driven proprietary trading platform, has officially completed its brand upgrade and will now operate as SiegPath, serv...

Plaza 66’s Pavilion Extension Tops Out, Opening in Second Half of 2026

Expanding Retail Space by 13% to Boost the New Consumption Economy in Shanghai HONG KONG SAR & SHANGHAI, CHINA - Media OutReach Newswire - 26 June 2025 - Hang Lung Properties Limited (SEHK sto...

New EcoFood@Mandai Development Offers Tailored Food Factory Spaces in the North

SINGAPORE - Media OutReach Newswire - 26 June 2025 - A new food factory hub, EcoFood@Mandai, has officially launched in Singapore’s northern region, bringing purpose-built factory units to a wide ...

GREE Opens Singapore Office to Drive Asia-Pacific Expansion with World-Class Air Conditioning Technologies

SINGAPORE - Media OutReach Newswire - 26 June 2025 - Global electronics manufacturer GREE has officially launched its Singapore branch, marking a key milestone in its expansion in Southeast Asia. ...

HONMA Golf Announces Annual Results for FY2024/25

Continued Gross Profit Margin and Net Operating Cash Flow improvements albeit difficult market conditions HONG KONG SAR - Media OutReach Newswire - 26 June 2025 - HONMA Golf Limited ("HONMA"; tog...

Demand for Home Batteries surges as Federal Rebate Kicks In

A leading provider of energy solutions VoltX Energy has seen a 400% increase in demand for home batteries in the past three weeks as people put d...

Why Sport Remains the Safest Bet in an Uncertain World

When Rome was in crisis, its leaders did not retreat to the Senate. They went to the circus. To the chariot races. To the gladiators. Sport was no...

THE FINE LINE WITHIN HILARIOUS SIGNAGE DESIGN FAILS

It seems like design failures still occur in today’s modern branding era, despite rigorous rounds of approvals behind the scenes. One signage show...

Deputy Announces Exclusive Global Partnership with Predelo to Bring AI to Shift-Based Businesses

Deputy, the global people platform for shift-based businesses, has announced an exclusive partnership with Predelo, an AI Decision Agent-as-a-Serv...

Leftover Budget? The Last-Minute EOFY Tip to Drive Business Success in FY25/26

The countdown is on. With just days left until EOFY, now’s the time to make your remaining 2024–2025 budget work harder and smarter. After workin...

pay.com.au appoints new CEO and Managing Director

The former COO will lead the company’s next growth phase, with ex-CEO Edward Alder transitioning into the role of Managing Director AUSTRALIA, 25...

Sell by LayBy