Early in 2022, Hong Kong’s home sales fell by a 2-year-high.

With 2,912 transactions in February (down 31.9% month over month), Hong Kong’s monthly home sales volume registered the lowest level in two years, down from 4,275 cases in January 2022.

Due to the weakened buying mood, mass residential capital values continued to fall, falling 1.0% month over month in February after falling by 0.4% in January.

Due to the strict social distance rules, developers kept delaying new releases. There were only 481 recorded transactions in the primary market, which was quiet.

Along with the luxury market, there was a sharp decline in transaction volume. An apartment at “21 Borrett Road” in Mid-levels Central was sold for HKD 167.8 million, or HKD 76,516 per square foot, SA, making it one of the more notable transactions.

For a luxury residential site (RBL 1203) at South Bay Road in Repulse Bay, SEA Holdings broke the record for Government land sales in terms of unit price. The price was HKD 1.19 billion, or HKD 62,352 per square foot, A.V.