Volumes fall sharply from June
Hong Kong recorded 6,715 sale and purchase agreements for building units of all types in July 2026, down 28.8% from June and 6.9% lower than a year earlier, the Land Registry reported on August 4. Total consideration came to HK$51.7 billion, a 37.5% monthly decline and 5.3% below July 2025. On a 12-month moving average basis, registrations stood at 7,776, down 0.5% from June but still 30.2% above the same point last year.
Centaline Property research put the same July tally at 6,715 deals worth HK$51.747 billion, against 9,434 deals worth HK$82.845 billion in June. Both the volume and value were the weakest since August 2025, when 6,462 deals worth HK$47.775 billion were registered, making July an 11-month low on both measures.
July 2026 registration data
| Segment | July 2026 | Change from June |
|---|---|---|
| All building units | 6,715 deals | -28.8% |
| Total consideration | HK$51.7 billion | -37.5% |
| Residential units | 4,462 deals | -41.7% |
| Residential value | HK$41.891 billion | -44.6% |
| Primary private homes | 767 deals | -61.3% |
| Primary private home value | HK$15.79 billion | -45.6% |
The primary market takes the hardest hit
New-build transactions drove the decline. Primary private residential registrations fell to 767 deals worth HK$15.79 billion, down 61.3% and 45.6% respectively from June's 1,983 deals and HK$29.02 billion, an 18-month low. Ricacorp Properties, using a marginally different count of 6,718 total registrations worth HK$54.904 billion, said primary registrations of 731 deals ended a 16-month streak above the 1,000 mark and marked the weakest reading in about 18 months.
Chan Hoi-chiu, head of research at Ricacorp, expects a rebound of roughly 16% in August as developers return with new launches after a quiet summer window. Overall residential registrations, covering both new and secondary homes, fell 41.7% by volume to 4,462 deals and 44.6% by value to HK$41.891 billion.
Supply picture also softens
Separate figures from the Rating and Valuation Department showed private residential completions of 7,914 units in the first half of 2026, down 21% from 10,063 units a year earlier. Completions were heavily back-loaded within the half: June alone saw 3,532 units finished, 3.4 times May's 809 units. Against the department's full-year forecast of about 16,975 units, the first six months delivered 47% of the target.
Reading the numbers
- Registrations lag actual sales by several weeks, so July's figures largely reflect a thin June launch calendar rather than a sudden demand collapse.
- The 12-month moving average remains 30.2% above year-earlier levels, indicating the market is still running well ahead of its 2025 trough.
- A shrinking completion pipeline could tighten new supply into 2027 if developers keep pacing launches to absorption.
Hong Kong's housing market has been supported this year by falling local interbank rates and a buoyant equity market, with the Hang Seng Index up double digits year to date and IPO proceeds reaching HK$328.2 billion in the first seven months. Whether that wealth effect translates into a stronger autumn selling season will depend on how aggressively developers price new projects in the coming weeks.