The March RICS Hong Kong Residential Market Survey show a futher deterioration in sentiment with a net balance of 86% of surveyors reporting prices to have fallen over the last three months.
Acitivity levels continue to trend down with 59% more contributors reporting a fall rather than a rise in agreed sales. Although official Land Registry data show that sales completions actually ticked up slightly in March, total transactions in the first quarter were still the lowest on record (since 1996). This slump in prices and activity follows a sharp fall in demand which began in August 2015 and continues presently, with a net balance of 41% of contributors reporting a further decline in March. In response to the fall in prices and decrease in demand, the supply of new properties to the market has declined each month since October last year. In March, a net balance of 22% of surveyors reported a further decrease in new instructions to sell.
Source : RICS