Residential sales increased by 2% month on month in Hong Kong in May, but transactions are down 11% year on year, the latest Land Registry figures show.
But with developers offering deeper discounts and more incentives, a number of primary projects received a positive market response, according to the latest market analysis from international real estate firm Knight Frank.
It points out that prices have dropped for seven consecutive months by a cumulative 11%, according to provisional figures from the Rating and Valuation Department. Mass residential prices led the decline, losing 11% in the period, while luxury residential prices dipped 8%.
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