Zhitong Finance App learned that Yang Mingyi, senior co-director of the Central Plains Real Estate Research Department, pointed out that in the first quarter of 2024, there were 1,134 residential parking space sales registrations (including first-hand and second-hand) in Hong Kong, with a total value of HK$1,861 billion, up 23.8% and 15.6% respectively from 916 cases and HK$1,610 billion in the fourth quarter of 2023. Developers are selling their newly-built parking spaces, and large owners are selling parking spaces in housing estates, which has led to a recovery in overall parking space transactions. At the end of last year, the Hong Kong Government announced the restart of the new capital investor entry scheme, which was launched in March of this year. The plan will benefit the development of financial assets and non-residential real estate in Hong Kong, and the parking space market is expected to benefit. It is expected that overall residential parking space sales will remain stable at the level of more than 1,000 in the second quarter.

On the first hand, 575 cases and HK$1,103 million were recorded in the first quarter of 2024, a sharp increase of 85.5% and 48.1%, respectively, compared with 310 cases and HK$745 million in the fourth quarter of last year. As Swire Properties sold Taikoo Shing parking spaces at reduced prices, it attracted many users and investors to enter the market, stimulating a clear rebound in first-hand residential parking space transactions. Among them, Hong Kong accounts for more than 40% of the primary market, with 252 transactions recorded, soaring 1.4 times from quarter to quarter. 185 cases were recorded in the New Territories, up 92.7% from quarter to quarter, mainly due to the sale of several new parking spaces in the region. The Kowloon district recorded 138 cases, up 25.5% from quarter to quarter. The increase in the number of cases was smaller than in the other two districts.

In the first quarter of this year, the market concentrated on first-hand residential parking space transactions worth 100 to 2 million yuan. 300 cases were recorded, accounting for half of the total first-hand registrations during the same period, an increase of 2.4 times from quarter to quarter, mostly in Taikoo Shing. Transactions worth $200 to $3 million and $1 million or less were recorded, 136 and 102, respectively, up 41.7% and 3.1 times from quarter to quarter.

On the second-hand side, 559 cases and HK$759 million were recorded in the first quarter of 2024, down 7.8% and 12.2% respectively from 606 cases and HK$864 million in the fourth quarter of last year. The number of cases hit a new low in 16 quarters (4 years) after 506 cases in the first quarter of 2020, and the amount hit a new low in 32 quarters (8 years) after 665 million yuan in the first quarter of 2016. Second-hand residential parking sales have been falling for 3 consecutive quarters. Affected by first-hand parking space price cuts to grab customers, the second-hand parking space market has slowed down. Among them, trading in Hong Kong and the New Territories both declined. The number of transactions decreased by 13.3% and 9.4%, respectively, from quarter to quarter, while Kowloon remained stable, rising slightly by 1.6% from quarter to quarter. It is hoped that the new capital investor entry plan will push the sale of second-hand residential parking spaces to stop falling and pick up.

In the first quarter of 2024, the first five housing estates with the most registered parking spaces recorded a total of 402 cases, of which 378 were first-hand transactions. The highest overall number of parking space transactions was in Taikoo Shing, Quarry Bay, with 257 sales and HK$460 million. This was followed by Tung Chung Shing Wai, which recorded 46 cases and HK$35.927 million. The third was Kwun Yuet and Wah Fung in Kwun Tong, which recorded 41 cases and HK$57.25 million.