Hong Kong's weekend home sales jump to eight-year high

[HONG KONG] Hong Kong's property market is showing signs of strength, with weekend home sales reaching an eight-year high.

The 10 biggest housing estates tracked by Centaline Property Agency Ltd. recorded 37 transactions in the past weekend, a number unseen since 2013, according to the firm.

A stabilising pandemic, relaxed social distancing measures and imminent Covid-19 vaccinations have boosted buyers' confidence in the housing market, Louis Chan, the CEO of Centaline's residential division, said in an emailed statement.

Despite experiencing the double whammy of protests and a deadly virus in the past couple of years, the city's residential market has remained resilient. Used home value dropped just 1.5 per cent as of Feb 14 from a year earlier, Centaline data show.

The property market has seen new price records recently. Last week, CK Asset Holdings Ltd offloaded a luxury apartment for US$59 million that became Asia's most expensive flat.

Earlier this month, a consortium led by Wharf Holdings Ltd. won an upscale residential plot for the highest price ever by square feet in Hong Kong.

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Still, the positive sentiment isn't reflected in the wider economy. Hong Kong's gross domestic product shrank a record 6.1 per cent in 2020, according to advance estimates. The unemployment rate increased in January to the highest level in more than 16 years, the latest government data show.

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