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Hong Kong Property Market - Yr.2020 May: Average price per sq feet $11299 1%   (last month:$11187)
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The sq ft price of two-bedroom house in City One rises above HKD20,000, a new high this year.

Image Caption
Hong Kong Wen Wei Po (By Zhou XiaoJing)

The second-hand property market continued to boom. Four leading real estate agents recorded 10 to 20 transactions among the ten leading housing projects in the past weekends (13th and 14th) respectively. In addition, the sq ft price of City One in Sha Tin rises above HKD20,000, a new high in the same category during the year. High floor room B in block 44, which is two-bedroom house in construction area of 395 sq ft and in usable area of 284 sq ft, was latest recorded being sold at HKD 5.9 million, with the usable area average sq ft price at HKD20,775, Hou Huiliang from Centaline City One branch expressed.

It is known, the original owner bought this house by HKD3.63 million in 2014, earning book profit of HKD 2.27 million after holding it for about five years, and the property appreciated in nearly 62.5%. The house of same area in this district was sold at nearly HKD 6 million last year, so the price has gradually approached to level in last year.

Second-hand property market is booming, and it is estimated there will be 4,200 transactions in this month.

The second hand residential property transaction register in April is 1,608 cases at totally HKD 13.87 billion temporarily, and it is predicted there will be about 4,200 cases at HKD 36 billion in the whole month, which will rise 21.1% and 23.3% than in March, the senior co-director of the Centaline research department, Huang Liangsheng pointed. The second-hand trading continued to rise, and the number in April hit a new high of 10 months after June 2018 when it was 4,324 cases, and the amount reached a new high of 9 months after July 2018 when it was HKD 36.2 billion.

There was no new project on the weekend, and as property prices keep rising, the purchasing power continued to flow back to the second-hand market. According to the data of the four major agencies, the transaction volume of the ten leading housing projects on the weekend were recorded 10 to 20 cases respectively. Although they have increased or decreased, but they are still maintained in double-digit transactions. The selection of new project stock houses decreases, many buyers returned to the second-hand market, and they were actively comparing around on the weekend, which made transaction rise.

The transactions number among ten leading housing projects on weekend are still double digits.

Chen Yongjie continued, the second-hand property buyers are mainly looking for houses below HKD 6 million, because they can obtain 80% of the high-percentage mortgages through the insurance plan, and these buyer speed up purchasing pace seeing the property prices continue to rise, who also make decision quickly if the house is favorite. Transactions on weekend rose by 5 to 20 cases, which have been recorded for 9 consecutive weekends in double digit number, a 5-week new high.

The market is warming up, and the second-hand property prices are expected to continue to rise.

With the favorable factors such as the suspension of interest rate hikes and the easing of trade wars, many large-scale new projects arrange the sales of the second quarter, which predicted to stimulated the whole property market to hot, and the second hand property prices will continue to rise, challenging the high level of last year, the chief executive of Midland's residential department, Bu Shaoming believed. Unstable weather in the past weekend did not resist buyers to enter the market. In the weekend, the second-hand property transaction rose 4 to 17 cases.

On the other hand, there were 16 and 10 cases in Ricacorp and Hong Kong Property, which fell slightly by 1 and 2 respectively, but still maintained a double-digit level, reflecting that the second-hand trading momentum remained undiminished. Liao Weiqiang, president of Ricacorp, expected that, market sentiment will be drove again by the further positive news in the Sino-US trade negotiations in the second half of April and large-scale new projects being put on sale in the second half of the month, when both the first and second-hand trading volume are expected to rise again.
Translated by 28Hse.com . All right reserved.