2024-05-10 28Hse Editor
On the eve of the Federal Reserve’s interest rate meeting, a group of high-rise units in the "Thirteen Mortgages" of the luxury residence Dijing Garden in Mid-Levels Central were sold for 58 million yuan, and the transaction price per square foot was about 38,300 yuan. His son Lau Ming-wai sold the same housing estate twice at a price of about 47,000 yuan per square foot, and the latest price per square foot has dropped by about 20%.
The thirteenth mortgaged unit of Dijingyuan is Room A on the upper floor of Block 5, with a usable area of 1,513 square feet and three bedrooms and two sets of units. The transaction price is RMB 58 million, and the price per square foot is RMB 38,334. The original owner purchased the above-mentioned unit at a price of 6.386 million yuan in 1991. Even after holding the goods for 31 years, the book value still appreciated by 51.614 million yuan or more than 8 times. According to the data, the property has as many as 13 mortgage loan records, of which 4 are triple mortgages, 3 are quadruple mortgages, and 1 is five mortgages. The lenders involved large banks and financial companies. According to the agent in the area, the transaction price of the above-mentioned Royal View Garden is more than 10% lower than the market price.
The current four-bedroom household in Chongshan changed hands and lost 4.5 million yuan
In addition, the market has repeatedly recorded losses. Li Ka-fai of Ricage Real Estate said that Wong Tai Sin is currently in Room D on the middle floor of Block 2, Chongshan, with a usable area of about 963 square feet. It is a four-bedroom suite with a storage room. Afterwards, the price was lowered several times in response to market conditions, and the price was negotiated to 17.8 million yuan, which was negotiated by buyers. The final cumulative reduction reached 4.5 million yuan. Recently, it was sold at 15.5 million yuan with a lease. Yuanye has been in charge of the goods for about 4 years, and left the market with a book loss of about 4.5 million yuan.
Centaline Real Estate Wang Qinxue said that Room G, a high-rise building in Block 2, Yuen Long City, has a usable area of 428 square feet and is separated from the two rooms. The asking price was 6.28 million yuan, and it finally changed hands for 6.2 million yuan. The original owner bought the unit for 7.1 million yuan in September 2019, and held the goods for 3 years, with a book loss of 900,000 yuan, and the depreciation of the unit was about 13% during the period. Room A on the middle floor of Tower 2, Langchenghui, in the same district, has a usable area of 487 square feet and is separated from the two rooms. The asking price was RMB 7.6 million, and it was sold for RMB 7.438 million after negotiation. The original owner bought the unit for 7.731 million yuan in February 2019, and held the goods for 3 years, with a book loss of 293,000 yuan, and the depreciation of the unit was 3.8% during the period.
Jones Lang LaSalle downplays that property prices will drop by 10% next year
Zeng Huanping, chairman of Jones Lang LaSalle Hong Kong, said that the U.S. Federal Reserve has raised interest rates sharply in a row, coupled with the fifth wave of the epidemic and economic contraction, leading the Hong Kong residential market to enter a downward cycle. As of the end of November, property prices for small and medium-sized residential properties had fallen by 11.6% this year, the lowest since 2018; property prices for luxury properties fell by 4.4% this year due to the lack of non-local buyers and sufficient new supply.
He believes that unfavorable factors in the property market still exist in 2023, including high interest rates and global economic instability. Even if Hong Kong and the mainland are exempt from quarantine, it does not mean that a large amount of funds will flow into the property market in Hong Kong, because the mainland economy is weak and there areForeign exchange control and other influences have limited support for property prices. He expects small and medium-sized residential property prices to fall by about 10% next year.
More than 79,000 units of new properties for sale slow down in the first hand
Weak demand for real estate has led to a sharp increase in completed units to 14,700 units in September, and developers have begun to delay the launch of new projects. As of the end of October, there are about 10,000 units that have been approved for pre-sale consent in 2022 Not yet sold, plus there are 53,000 units still approved for pre-sale, there are at least about 79,000 units of first-hand new properties for sale. It is estimated that it will take 5 to 8 years for the market to absorb these new properties. Zeng Huanping believes that property prices have been significantly adjusted, and the government should review the three major housing tax measures in due course, which will help drive transactions and maintain property price stability.
Like 2
