The number of homes that changed hands in Hong Kong was 3,051 in January, according to the latest data compiled by JLL, almost a fifth less than the monthly average of 3,755 transactions last year.
Transactions involving buyers from outside Hong Kong were particularly tepid. Just 34 such transactions – signified by payment of Buyer’s Stamp Duty (BSD) – were recorded in January, below last year’s average of 53 and a far cry from pre-pandemic levels.
In 2019, the year before the coronavirus broke out, mainland Chinese buyers accounted for 8.4 per cent of overall home sales in Hong Kong, according to data compiled by Midland Realty.
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Travellers praise restriction-free movement as last closed Hong Kong-mainland China borders reopen
Travellers praise restriction-free movement as last closed Hong Kong-mainland China borders reopen
But annual transactions involving buyers who were non-permanent residents or non-domiciled companies slumped by about three quarters under the strict travelling restrictions introduced during the pandemic, according to Inland Revenue Department statistics cited by Midland Realty.
