Core Insights - The Hong Kong property market showed strong trading activity in March, leading to an increase in new mortgage approvals in April, reaching an 11-month high [1] - Major developers are launching properties at lower prices, attracting first-time buyers and investors, which is contributing to a favorable sales environment [1] - The overall market sentiment is expected to remain stable, with a gradual increase in residential mortgage numbers anticipated [1] Mortgage Statistics - In April 2025, the number of new mortgage applications was 7,795, a decrease of 661 applications (7.8%) from March's 8,456 [1] - The total amount of new mortgages approved in April was HKD 25.258 billion, an increase of HKD 5.86 billion (2.4%) from March's HKD 24.672 billion [1] - The number of new mortgages approved in April was 5,719, up by 358 (6.7%) from March's 5,361, marking the highest number in 11 months [1] Year-to-Date Performance - For the first four months of the year, new mortgage approvals totaled HKD 100.975 billion and 21,337 applications, representing an increase of HKD 13.849 billion (15.9%) and 1,632 applications (8.3%) compared to the same period last year [2] - The amount and number of new mortgage drawdowns for the same period were HKD 66.209 billion and 13,921 applications, reflecting increases of HKD 13.914 billion (26.6%) and 2,585 applications (22.8%) year-on-year [2] Refinancing Trends - In April, the amount and number of refinancing loans were HKD 2.266 billion and 576 applications, showing a decrease of HKD 698 million (23.5%) and 77 applications (11.8%) from the previous month, reaching a six-month low [2] - Year-to-date refinancing figures indicate a total of HKD 11.088 billion and 2,539 applications, down HKD 1.164 billion (9.5%) and 234 applications (8.4%) compared to the same period last year, marking a 13-year low for the first four months [2] Mortgage Ratios and Terms - The mortgage-to-value ratio in April was 62.5%, a decrease of 0.8% from the previous month [2] - The average repayment term was 319 months, down by one month, while the average mortgage amount was HKD 4.42 million, a decrease of HKD 180,000, reaching a 13-month low [2] - The selection ratio for H mortgages was 91.8%, an increase of 1.4%, while the selection ratio for P mortgages was 2.3%, a decrease of 0.9% [2]

Group 1 - Central Plains Real Estate reported a significant drop in transactions, with only 3 deals recorded over the weekend, a 57.1% decrease week-on-week, marking a 16-week low, and the number of estates with zero transactions increased to 8 [1] - The Kowloon district saw all four key estates with no transactions, indicating a cooling in the secondary market [1] - The recent surge in new property sales, particularly in the West Sand area, has attracted market attention, with the sixth round of sales selling out quickly, reflecting strong demand for new properties [1] Group 2 - Midland Realty noted that the secondary market is experiencing a slowdown, with a 33.3% drop in transactions for the top ten blue-chip estates, reaching a 7-week low, and a 15.4% decrease in transactions for the top 15 estates compared to the previous week [1] - The residential market is supported by favorable conditions, including ample bank liquidity and a significant drop in interbank rates, which has eased mortgage burdens and led to an increase in "buying to own" scenarios [1] - Midland Realty's CEO highlighted that the strong performance of the primary market is driven by recent positive factors, with a notable increase in viewing appointments for secondary properties, indicating robust underlying demand [2]

智通财经APP获悉，香港置业研究部董事王品弟表示，据土地注册处资料显示，截至5月20日，香港二手 住宅(包括二手私人住宅及二手公营房屋)录得2,284宗注册，较上月同期的2,836宗减少约19.5%。 虽然4月关税战冲击环球股市，令香港楼市交投放缓，但该行估计主要反映4月市况的5月注册量估计最终 仍录约3800宗注册，创半年次高；近期按息回落，加上关税战降温，香港楼市气氛好转，料主要反映5月 市况的6月注册量将会回升。 若以三区划分5月至今二手住宅注册量环比同期表现，当中九龙区录756宗注册，较上月同期的923宗减少 约18.1%；新界区录1,101宗注册，较上月同期的1,367宗减少约19.5%；港岛区录427宗注册，较上月同期 的546宗减少约21.8%。 5月至今二手住宅注册量屋苑排名方面，日出康城以37宗注册居榜首，较上月同期的31宗增加约19.4%； 嘉湖山庄以24宗注册排第二，较上月同期的33宗减少约27.3%；美孚新邨及太古城各以22宗注册紧随其 后，其中美孚新邨较上月同期的29宗减少约24.1%，太古城较上月同期的25宗减少约12%。 若以金额划分5月至今二手住宅注册量环比同期表现，当中逾50 ...

Core Viewpoint - The recent decline in Hong Kong's interbank lending rates, particularly the 1-month HIBOR dropping to 0.96%, is significantly easing the mortgage burden for homeowners, with actual mortgage rates falling to a new low of 2.26% since July 2022, which is below the average rental yield of 3.5% [1][2] Group 1: Mortgage Market Impact - The drop in mortgage rates has led to a reduction in monthly payments by approximately HKD 3,341, representing a 14.9% decrease for an average mortgage of HKD 5 million [1] - The current mortgage rates being lower than rental yields has resulted in a situation where homeowners are paying less than they would for renting, with the average payment being 8% lower than rental costs [1] Group 2: Market Dynamics - The significant drop in the 1-month HIBOR from 3.98% at the beginning of May to 0.96% today indicates a large fluctuation in short-term interest rates, with a 3% decrease [2] - The widening spread between Hong Kong and US interest rates, now exceeding 3%, is unusual and may lead to adjustments in the HIBOR based on changes in demand for Hong Kong dollars [2] - The influx of funds into Hong Kong is expected to be utilized for various activities, including financial investments and corporate dividends, which may eventually normalize the banking system's surplus and lead to a gradual increase in HIBOR rates [2]

Core Insights - The "Hong Kong Confidence Index" has risen to 64.3 points, a week-on-week increase of 1.6%, driven by a significant drop in interest rates and a cooling trade war, which positively impacts the Hong Kong property market [1] - The latest "Hong Kong Property Price Index" stands at 127.47 points, showing a slight week-on-week decline of 0.05%, with a year-to-date decrease of 0.52% [1] Price Trends - The price index for different districts shows mixed results: the Hong Kong Island index is at 132.65 points (down 0.28% week-on-week), the Kowloon index at 133.17 points (down 0.19%), and the New Territories index at 116.24 points (up 0.14%) [1] - Year-to-date performance indicates that Hong Kong Island and New Territories have decreased by 2.41% and 1.64% respectively, while Kowloon has increased by 1.63% [2] Discounted Listings - The highest ratio of discounted listings is found in the New Territories, with specific areas like Lantau Island/Yueng Ching Bay, Tsuen Wan, and Kwun Tong having the most significant discounts [1] - The most discounted units are categorized by size, with B-class units (approximately 431 to 752 square feet) having the highest discount ratio, followed by C-class (753 to 1075 square feet) and A-class (430 square feet or less) [1]

Group 1 - In March, the overall number of property sale agreements and transaction value in Hong Kong reached a four-month high, with 6,651 agreements totaling HKD 457.85 billion, representing increases of 54.4% and 61.9% from February respectively [1] - The recovery in the property market is attributed to factors such as the relaxation of stamp duty measures in the February budget, positive performance in the Hong Kong stock market, and economic stimulus policies from mainland China [1] - The first quarter of 2025 saw a total of 15,896 property sale agreements and a transaction value of HKD 1,108.07 billion, reflecting a quarter-on-quarter decline of 16.6% and 25.4% due to seasonal factors and market caution [1] Group 2 - In the first-hand private residential market, March recorded 2,221 agreements and a transaction value of HKD 162.9 billion, marking a 148% and 93.1% increase from February respectively [2] - The top-selling new developments in March included Yuen Long's Long Ping with 432 agreements and HKD 18.06 billion, followed by Tin Shui Wai's YOHO WEST with 312 agreements and HKD 16.58 billion [2] - In the second-hand private residential market, March saw 2,950 agreements and a transaction value of HKD 217.9 billion, up 36.9% and 52.5% from February, indicating a recovery in buyer sentiment post-Chinese New Year [2] Group 3 - Major housing estates in March included Mei Foo Sun Chuen with 40 agreements totaling HKD 285 million, Shatin First City with 31 agreements totaling HKD 153 million, and other notable estates [3]