Residential buildings stand at Yat Tung Estate in the Tung Chung district of Hong Kong, March 5, 2020. (JUSTIN CHIN / BLOOMBERG)

Hong Kong’s property market is showing signs of strength, with weekend home sales reaching an eight-year high.

The 10 biggest housing estates tracked by Centaline Property Agency Ltd recorded 37 transactions in the past weekend, a number unseen since 2013, according to the firm.

A stabilizing pandemic, relaxed social distancing measures and imminent COVID-19 vaccinations have boosted buyers’ confidence in the housing market, said Louis Chan, the CEO of Centaline’s residential division

A stabilizing pandemic, relaxed social distancing measures and imminent COVID-19 vaccinations have boosted buyers’ confidence in the housing market, Louis Chan, the CEO of Centaline’s residential division, said in an emailed statement.

ALSO READ: HKSAR govt to invest HK$100b yearly in infrastructure projects

Despite experiencing the double whammy of anti-government protests and a deadly virus in the past couple of years, the city’s residential market has remained resilient. Used home value dropped just 1.5 percent as of Feb 14 from a year earlier, Centaline data show.

The property market has seen new price records recently. Last week, CK Asset Holdings Ltd offloaded a luxury apartment for US$59 million that became Asia’s most expensive flat.

READ MORE: HK's CK Asset sells Asia's priciest apartment at US$59m

Earlier this month, a consortium led by Wharf Holdings Ltd. won an upscale residential plot for the highest price ever by square feet in Hong Kong.

Still, the positive sentiment isn’t reflected in the wider economy. Hong Kong’s gross domestic product shrank a record 6.1 npercent in 2020, according to advance estimates. The unemployment rate increased in January to the highest level in more than 16 years, the latest government data show.