JLL: March stock market correction expected to reduce second-hand property transaction volume in Hong Kong

Li Yuanfeng, Senior Director of the Project Strategy and Consulting Department at Jones Lang LaSalle, responded to the increase in the private residential price index in February, stating that the significant rise in property prices in February was mainly due to the good performance of the stock market at that time, leading to an optimistic market outlook on future property price trends, which continued the performance of the primary market in January. Meanwhile, second-hand property owners adopted a wait-and-see attitude during the Spring Festival, and some owners adjusted their asking prices, which contributed to the rise in the private residential price index.

Li Yuanfeng estimated that entering March, the stock market correction caused some second-hand property buyers to hesitate, resulting in a decrease in transaction volume in the second-hand market. The primary market remained active due to the continued presence of mainland buyers, and developers did not slow down their sales pace, leading to a primary transaction volume of 1,600 in March, with no significant slowdown observed, indicating that the property market is likely to continue to rise steadily