28Hse-Hong Kong Property
Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11652 1.77%   (last month:$11862)
Home  - News
News and article search:
   Previous News: (YYYYMMDD)
Property News
Property News(Eng)
New Homes
HK Gov.policy
Land news
Oversea Property
New Homes
Price info.
Photo gallery
Living in Hong Kong
Expert Blog
Wed Property Focus
18 Property
Mr. Poon
Frankie K.S. Wong
News content

Second-Hand Property Transactions Maintain Low on Weekends.

Image Caption
Hong Kong Wen Wei Po (By Yan HaauLing)

According to the statistics of the four major agents, in the past Saturday and Sunday, Hong Kong ten leading housing estates have the second-hand property transactions respectively in just 5-9 cases, while the numbers are still single-digit figures although they have stabilized from falling. The President of Ricacorp Properties, Liao Wai-keung believes, although the political situation has gradually stabilized, the tension has not subsided, and economic and people's livelihood issues affected by the "social movement" have gradually emerged in the past six months, so most buyers wait and see.

Midland recorded the most transactions that were 9 cases in ten leading housing estates.

In the past two days, Midland Real Estate has recorded in ten leading second-hand blue-chip housing estates with a total of 9 transactions, an increase of 1 case weekly, maintaining the single-digit level for the consecutive week. As for Hong Kong Real Estate, it has recorded 5 transactions, an increase of 3 cases from last weekend, ending the 5 consecutive weeks of decline.

The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, property prices have become more stable in December as the atmosphere of social events has eased, although many “favorable houses” have been sold earlier, many prospective buyers are actively searching houses supported by positive factors such as relaxation of mortgage measures for first housing and interest rate cuts, so it is expected that the volume of second-hand transactions in December will be about 3,500 to 3,600, and it is expected to rise steadily from month to month. The Chief Executive Officer of Hong Kong Property Services, Lee Chi-shing also points out that the atmosphere of recent social events has eased slightly, and traffic has returned to normal, which is beneficial for prospective buyers to go out for searching houses.

Centaline: Owners are only willing to cut 5%.

On the other side, Centaline Property has recorded on Saturday and Sunday in ten leading housing estates of 8 transactions, unchanged from last week. The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit says, the second-hand property owners generally wait and see the market outlook and most of them are only willing to provide less than 5% of price cuts, but many buyers expect a larger price reduction, resulting of stalemate in the second-hand property trading, so it is believed property prices trend are confirmed yet.

Ricacorp Properties also has recorded a flat level of transactions in 7 cases on a weekly basis. Liao Wai-keung expresses, the second-hand trading continues to be sluggish, mainly due to the emergence of economic and people's livelihood issues affected by social movements in the past six months, which are unfavorable to economic development, and the formal signing of the US "Hong Kong Human Rights and Democracy Act" makes some buyers worry about political factors affecting Hong Kong's economic outlook, so most buyers wait and see. However, he believes that the user’s housing demand in Hong Kong is still strong, and it is believed the colling down of social situation once again coupled with the launch of many new projects in December will help the second-hand property trading volume to rise.

The second-hand property transactions among ten leading housing estates in the past two days:
Agent Quantity Weekly Change
Centaline 8 cases flat
Midland 9 cases up 1 case
Ricacorp 7 cases flat
Hong Kong Real Estate 5 cases up 3 cases
■ Tabulation: Reporter Yan Haau-ling
Translated by 28Hse.com . All right reserved.