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Hong Kong Property Market - Yr.2020 May: Average price per sq feet $11104 0.74%   (last month:$11187)
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The second-hand property transaction is booming during Ching Ming Festival.

Image Caption
Buyers speed up entering the market, while owners frequently rise prices, leading competitive property number in each district sharply drop.

Hong Kong Wen Wei Po (By Zhou XiaoJing)

The market is promising for the property market, and buyers are also accelerating the pace of entering the market. According to the statistics of the four major agents, 18 to 26 second-hand transactions were recorded during three-day holiday for the Ching Ming Festival. If it is calculated base on weekend, the number of transactions were 12 to 17, which are all double digits. According to the analysis, there is no negative factor yet in property market in the second quarter, and it is estimated hot market will maintain since buyers are willing to accept higher prices.

Totally 15 transactions were recorded in the past weekend among ten leading housing projects by Centaline Property, an increase of 15% per week, and the number of transactions has stabilized at double digits for 8 consecutive weeks. There were 26 transactions in the three-day holiday covering all the ten leading housing projects, among, City One had 8 cases, Kingswood had 5 cases, Taikoo Shing had 3 cases, Mei Foo Sun Chuen, Whampoa Garden in Hung Hom and Metro City each had 2 cases, and Kornhill, South Horizons, Laguna City plus Caribbean Coast each had 1 cases. City One had recorded 4 transactions on the first day of the Qing Ming Festival, low floor room E in block 44 among with area in 284 sq ft was sold at HKD 5.4 million, and the sq ft price was HKD 19,014, Hou Huiliang from Centaline expressed.

Centaline: Buyers are willing to accept the prices and enter the market.

The booming property market in March continues in April, so the second hand property starts short, and buyers are willing to accept prices to enter into the market, stimulating the pace of transactions; While recent first hand property sales is hot, and developers supply pricing close to market level, with low pricing as that in the beginning of this year is gone, making property prices rebound and enhancing buyers’ determination to enter the market, the Asia Pacific vice chairman and president of the residential department of Centaline Property, Chen Yongjie analyzed.

Ricacorp president Liao Weiqiang predicted, the number of transactions among ten leading housing projects will not largely increase in the coming weeks, because the second-hand housing estates are generally have insufficient houses pending for sales, so it is estimated the turnover will maintain at the current level. A total of 26 second-hand transactions were recorded on the three-day holiday among ten leading housing projects from Ricacorp, which remained active; while there were 17 transactions on weekend.

The market is generally optimistic about the property price rise in the first half of the year. Bu Shaoming, the chief executive of the Midland Residential Department, believed that the factors of Sino-US trade war has eased and the US Federal Reserve has stopped raising interest rates plus other factors, are good for the market trading, so it is expected that first and second hand property market will hopefully continue in the second quarter since there is no significant negative news, also property prices will possibly rebound to high level of last year. Midland had 19 cases during the holiday and 13 among were made on weekend.

Houses for sales in four leading projects from West Kowloon decrease 30%.

Buyers are eager to enter the market, while owners become aggressive on prices. Li Zhicheng, the chief executive of Hong Kong Property, revealed that popular houses in each district are sold quickly, and houses for sales are further short, while in some areas, such as West Kowloon, the available houses in four leading projects and Amoy Gardens even dropped by about 30%. Owners frequently rise the prices seeing the available houses are short, and some of them even rise price by more than 10%. A total of 18 transactions were recorded in the three-day long holiday from Hong Kong Property.

New project The ADD1+1ON plans to additional launch on Easter.

The market is in good trend and developers are also seizing the opportunity. The ADD1+1ON in Cheung Sha Wan which will put on sale 100 houses on Tuesday has collected more than 540 applications, a 4.4 times of oversubscription for the time being, and the application will be closed at 8 pm on Monday, the deputy sales department (1) general manager of Henderson, Lin Damin disclosed yesterday. He predicted that after completing the first round of sales, there will be an opportunity to additional launch a price list before and after the Easter holiday.
Translated by 28Hse.com . All right reserved.