Hong Kong property market hits five‑year sales high as mortgage applications surge

June 2024 saw Hong Kong’s property market reach its strongest activity in five years. The latest data from Centaline’s research arm recorded 7,621 property sale contracts (including residential, parking and commercial units) up 6.6% from May, with a total value of HK$66.9 billion. Full‑month estimates project around 9,100 contracts worth HK$79.5 billion, a 9.1% rise in value.

Second‑hand residential sales were especially vigorous, with 4,221 contracts and HK$36.85 billion in value by 24 June, on track for about 5,100 contracts and HK$44 billion for the month – up 13.6% in volume and 20.5% in value, the highest since June 2021.

In May, new mortgage loan applications also climbed sharply, increasing 12.8% to 10,767 cases, a three‑year peak, while the loan amount rose 10.1% to HK$40.2 billion. Loans for new‑home purchases grew 9.4% to HK$11.7 billion and for second‑hand homes 9.1% to HK$23.8 billion. Refinancing loans jumped 17.7% to HK$4.7 billion. Mortgage arrears remained low at 0.11%, indicating stable credit conditions.