Core Viewpoint - In 2025, Hong Kong's primary residential property sales contracts registered reached 20,525, with a total value of HKD 225.55 billion, marking year-on-year increases of 21.7% and 8.2%, respectively, the highest level in six years since 2019 [1] Group 1: Market Performance - The market is expected to maintain a transaction volume of around 20,000 units in 2026 [1] - Despite a temporary pressure on the Hong Kong property market due to the trade war at the beginning of the year, the market sentiment improved as the HSI returned to the 27,000-point mark following a decline in interbank rates and the Fed's resumption of interest rate cuts [1] - Developers accelerated their sales pace, achieving quarterly transaction volumes exceeding 5,000 units for three consecutive quarters, leading to an annual total returning to the 20,000-unit level for the first time in three years [1] Group 2: Quarterly Performance - In the fourth quarter of 2025, the registration volume fell to 5,577 units, a decrease of 1.6% quarter-on-quarter, but the transaction value increased by 12% to HKD 68.43 billion [1]

Core Viewpoint - The potential supply of first-hand private residential units in Hong Kong has slightly increased to 102,000 as of the end of September, reversing a trend of decline over the past five quarters [1] Supply Overview - The number of unsold completed units stands at 26,000, marking a one-year low [1] - There are 62,000 units under construction that remain unsold, which is a four-year low [1] - The number of units with approved land that can be developed immediately is 14,000 [1] Construction and Completion Data - In the third quarter, the number of private residential units under construction was 800, a decrease of 68% quarter-on-quarter, representing the lowest level in 13 quarters and a year-on-year decline of 79.49% [1] - The completion of residential units in the same quarter was 3,300, down 28.26% from the previous quarter, the lowest in five quarters, and a year-on-year decrease of 13.16% [1] - For the first three quarters, the total number of private residential units under construction was 6,900, reflecting a year-on-year decline of 61.88% [1] - The total completion for the first three quarters was 13,400 units, showing a year-on-year increase of 22.94% [1]