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Hong Kong Property Market - Yr.2018 Dec: Average price per sq feet $10560 6.97%   (last month:$11351)
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Kingswood Monthly Down 8.6% To A Level Under HKD 10,000.

Image Caption
2018-12-07-(Fri)
【28Hse.com】  
The average sq ft price among 50 projects declined 2.4%, the lowest in eight months.

Hong Kong Wen Wei Po (By Li Zhitian))

The property market trend has slided down as a roller coaster ride for four months since Sino-us trade war this year, and there are signs that decline is widening. Ricacorp pointed in yesterday's report that, the average sq ft price of Hong Kong 50 index projects continued to fall and has down 5.6% from its peak in July to a latest price of HKD14,441, and it is estimated property price decline will be narrowed to within 2%.

Ricacorp President Liao Weiqiang expressed, as the property market falling and range is expanding, the property price in hot project Kingswood Villas was the first to fall under HKD 10,000. Based on the data of Ricacorp research department, the weighted average usable sq ft price of Hong Kong 50 index projects in November continued falling to a latest level of HKD 14,441 which down 2.4% than HKD 14,791 in October and it is widening, besides it has fallen for four months making a lowest record in eight months. In these four months, property price has fallen 5.6% from the peak of HKD 15,303 in this July; And in the first eleven months, the accumulatively property price rising narrowed the decline to 5.1%.

Falling in Kowloon and New Territories is expanding.

Liao Weiqiang expressed, in November, property price in Hong Kong Island was steadily rise, while in Kowloon and the New Territories the falling was expanding. Thereinto, the weighted average usable sq ft price of 21 index projects in New Territories monthly fell 2.9% more to HKD 12,061. The average usable sq ft of 21 index projects in Kowloon also monthly fell 2.9% to HKD 15,753 under the level of HKD 16,000. As for Hong Kong Island, the average usable sq ft of 8 index projects was HKD 18,357, slightly rose 0.3% bu month.

Among the 50 index projects under observation, most of them were reported property price falling in last month, which were 32 projects or ratio up to 64%, while only 7 of them were reported rising, and the remaining 11 had no transaction in October or November so they were unable to be compared, Liao Weiqiang pointed. Projects with actual noteworthy property price falling in last month include Kingswood Villas in Tin Shui Wai, MOSTown in Ma On Shan, Whampoa Garden in Hung Hom and Ocean Shores in Tseung Kwan O, and the falling were respectively 8.6%, 7.6%, 7.5% and 7.3%. The sq ft price of Kingswood Villas among has fallen under HKD 10,000 in ten months and back to the level in this January.

The index projects had significant rising on property price include Island Resort in Siu Sai Wan, Belvedere Garden in Tsuen Wan, Central Park Towers in Tin Shui Wai and Banyan Garden in Cheung Sha Wan, and the rising were respectively 6.2%, 5.6%, 4.2% and 3.4%.

Transaction number has risen for two months.

The transaction of 50 index projects gradually recovered to 238 cases in November, has sharply rose 41% by month for two months, but it still was the third lowest in the past 37 months. In three districts in Hong Kong, transaction number in Hong Kong Island only slightly rose 1 case or 4% by month, while there were 27 cases in the month before. It was sharply rose to 77 cases or by 33% monthly in Kowloon. While New Territories recorded 42 cases under good sales in Kingswood Villas, which sharply rose 58% to 134 cases by month.

Liao Weiqiang pointed, as more sellers willing to cut price, buyers increased, stimulating the dull property market, so it is predicted the transaction number from 50 index projects in December will increase 20% more to about 285 cases. Currently, there are a half of positive factors and a half of negative factors in the market, although it is still possible that the interest may rise in this month, but estimated that the effect to market is limited; While Sino-us trade war cease and large focus projects being launched by low price will warm up the whole market and increase the purchasing intend, so it is predicted the average property price of 50 index projects in December will still weak, but the falling will not exceed 2%, less than in the month before.
Translated by 28Hse.com . All right reserved.