“The Year of the Snake marked the end of three years of decline and a strong rebound fuelled by policy easing and wealth effect [from the Hong Kong stock market’s gain],” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.

“The Year of the Horse will build on the momentum,” he said. “With lower rates and potential government budget support, the market will move from recovery to expansion.”

He said investors could expect a more balanced volume growth, firmer prices across the mass, mid‑market and luxury segments and a healthier secondary sector.

Ricacorp, meanwhile, estimated 88,200 transactions valued at HK$684 billion in the just-concluded Year of the Snake, an increase of 31 per cent and 27 per cent, respectively, compared with the preceding Year of the Dragon.