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Hong Kong Property Market - Yr.2019 Oct: Average price per sq feet $11130 1.42%   (last month:$10974)
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Property Price In Downtown fell sharply. Price In Grand Promenade Dropped By 16.8%

Image Caption
CCL had down for 8 weeks to a level under 180 points.

Hong Kong Wen Wei Po (Reporter Liang Yueqin)

The decline in property prices in Hong Kong has not stopped. The CCL of the Central Plains City Index has recently reported 179.18 points, the first time since mid-April this year that under180 points, down 0.68% per week, and has fell by 3.98% for 8 weeks. Research Department Senior Co-Director of Centaline Property, Huang Liangsheng pointed, Hong Kong and Kowloon districts property price falling expanded significantly, Hong Kong island and Kowloon indexes respectively are 3.05% and 2.85%. Its signs that property price falling in two New Territories districts have spread to Hong Kong and Kowloon. Among them, property price of some houses under CCL index have fallen more than 10% in the past one month. Sai Wan Ho Grand Promenade has the highest falling range in 16.85%.

Kowloon CCL Mass reported the latest 178.37 points, down 0.95% per week, falling for 4 weeks and totaling in 4.16%. Hong Kong Island CCL Mass reported 182.60 points, down 1.28% per week, and fell two weeks in 3.05%. The New Territories East CCL Mass recorded 190.45 points, down 0.70% per week, and fell for a total of 8.80% for 12 weeks, breaking the longest falling trend record in the region. The New Territories West CCL Mass recorded 166.11 points, down 0.09% by week, and has fallen by a total of 3.34% for five weeks. In addition, CCL Mass, the leading index of large-scale housing in the Central Plains City, reported 181.17 points, down 0.80% per week, and has fallen by 4.1% for 8 weeks same as CCL dose.

Hong Kong and Kowloon have larger falling rate than of the New Territories.

Huang Liangsheng pointed, property prices have accelerated in the past five weeks, and the cumulative decline in Hong Kong and Kowloon is also higher than that in the New Territories. Among them, Hong Kong Island CCL Mass fell 4.69%, Kowloon CCL Mass fell 3.62%, also higher than New Territories West CCL Mass which fell 3.34% and New Territories East CCL Mass which fell 3.06%.

In fact, property price of five projects among projects for purpose of Central plains leading index CCL in the past month have fallen by more than 10%, mainly from Hong Kong Island East, Kowloon East and Tung Chung. Among them, property price falling range from Sai Wan Ho Grand Promenade was up to 16.85%, and the transaction sq ft price fell to HKD 20,462. The declines in the three popular projects which are Telford Garden, Amoy Gardens and TAK BO Garden, were 13.13%, 12.55% and 9.25% respectively by month.

Down range from small and medium-sized units fell much as the market record.

At the same time, CCL (small and medium-sized units) reported 179.41 points, down 0.76% per week, and fell for a total of 5.17% for 12 weeks. CCL (large unit) reported 178.03 points, down 0.23% per week, and even 0.92% for 2 weeks. In the past five weeks, CCL (small and medium-sized units) fell by 3.54%, while CCL (large units) fell by 1.22%, indicating that small and medium-sized units are not only major parts of this market downgrade, but also have a significant drop.

CCL (small and medium-sized units) has fallen for 12 consecutive weeks, which is the longest losing streak of this index. The last index had fallen for 12 weeks, starting in March 2000, when it fell for 12 weeks and totaled by 12.67%. In November 2015, the index also had fallen for 9 weeks, the second longest losing streak since the record, and the cumulative decline then was 5.49%. Compared with past experience, this time, the decline was only 5.17% in 12 consecutive weeks, which was relatively mild.

Owners make concession helping second-hand property visiting.

With the apparent decline in second-hand property prices in various districts, more potential buyers visited in the market. House visiting on weekends among the top ten projects in Central Plains had risen for 3 weeks. This weekend, 447 groups were recorded, which rose 4% on a weekly basis. The statistics of the Midland Real Estate Branch also showed that this weekend (November 24th to 25th), visiting appointment to 15 indicated projects are about 352 groups, which rose by 2.3% per week and has rose for four weeks.

Chen Yongjie, Asia Pacific vice president and head of the residential department of Centaline Property, said, second-hand owners are also realistic and gradually adjust the price to attract buyers, and believe that buyer will accept if the second-hand owners adjust the price range by 5% to 10%.
Translated by 28Hse.com . All right reserved.