Hong Kong retail real estate sales are showing signs of growth, more transactions in January and December than any other month last year.

According to a research report from Midland IC&I, which sourced data from the land registrar, sales of retail space last month totalled HK$3.05 billion (US$396 million). This exceeds the average monthly figure for the first 11 months of 2017, which was HK$2.3 billion. It excludes Link REIT’s HK$23 billion mega-sale of 17 malls in December.

There were 145 recorded retail shop sales in January.

Huang Han-cheng, CEO of APH shops, described the market as “still hot” adding the market was benefitting from a return of investors and tax policies.

Midland said the retail real estate market has been supported by improving retail figures which in turn were aided by rising visitors to Hong Kong.

The overall Hong Kong property market achieved $16.3 billion (US$2.1 billion) worth of commercial transactions in January, surging 170 per cent year-on-year and representing the second-highest monthly total in nearly five years.