Business

Resale price of condominiums rose last month


The upturn in the property market is looking more resilient with numbers out yesterday showing that resale prices of private condominiums kept rising last month.

Values overall were up 0.5 per cent from October with increases seen across the island.

ZACD Group executive director Nicholas Mak said: "I think buyers' confidence in the property market has returned."

Last month's increase followed a 1.3 per cent rise in October, according to SRX Property flash estimates yesterday.

It noted all three regions - core central, rest of central and outside central recorded year-on-year increases.

Mr Mak said: "For buyers and investors who prefer the prime districts, they can have a wider choice of different projects and different types of units in the resale market as the number of new launches in the core central region in the past 12 months has been limited."

Condo resale prices last month were 6.2 per cent higher than the same month last year but down by 2.4 per cent from their peak in January 2014.

SRX Property estimates 1,475 units were resold last month, a 0.9 per cent increase over the 1,462 resold in October.

And resale volumes last month were more than double that in November last year.

Mr Mak said this was an indication of a demand surge amid limited choices in the new home market.

"We are quite likely to see an increase in resale transactions going forward, barring any shocks to the system such as adverse government interference.

"But the increase in sales volume will plateau when prices rise," he said.

BUSINESS & FINANCE