28Hse-Hong Kong Property
Hong Kong Property Market - Yr.2020 Jan: Average price per sq feet $11463 1.39%   (last month:$11625)
Home  - News
News and article search:
   Previous News: (YYYYMMDD)
Property News
Property News(Eng)
New Homes
HK Gov.policy
Trend
Transactions
Mortgage
Auction
Artists
Commercial
Land news
Promotion
Oversea Property
New Homes
Price info.
Promotion
Photo gallery
Living in Hong Kong
Districts
Expert Blog
Wed Property Focus
ToKuHon
Ownfirstflat
Frankie K.S. Wong
Manywells
MReferral
18 Property
Mr. Poon
Frankie K.S. Wong
KongKaiOn
News content

Property Transaction Registration This Month May Be the Lowest This Year.

Image Caption
2019-12-03-(Tue)
【28Hse.com】  
Both the first-hand and second-hand property market are dully affected by conflicts.

Hong Kong Wen Wei Po

Social conflicts that have lasted for five months have affected market sentiment, and the slightly warmer property market can be cooled down at any time, also the overall transaction registration has gone sharply up and down. In November, Hong Kong property transaction registration (mainly reflecting market conditions from mid-October to early November) was recorded of 6,691 cases, up 32% compared to October, rising for two consecutive months and reaching a new high of nearly six months. However, Ricacorp Real Estate Research Department points out that the "social movement" suddenly heated up and frequent conflicts happened in mid-November, thus it is expected that the overall property transaction registration in December will again fall below 4,000 cases, which will hit a monthly new low in this year.

According to the Land Registry data, Hong Kong property transaction registration in November (mainly reflecting market conditions from mid-October to early November) was recorded of 6,691 cases, up 32% compared to 5,062 cases in October, rising for two consecutive months and reaching a new high of nearly six months. However, the overall property registered transaction value fell by 15% during the month, recording at HKD54.348 billion, the second-highest in the past 5 months.

The property transaction registration last month was 6,691cases, a new half-year high.

The Research Department Director of Ricacorp Properties, Chen Hoi-chiu points out that, the market momentum had been good after the relaxation of the mortgage insurance, but social movements suddenly heated up and frequent conflicts happened in mid-November caused the overall market sentiment to plummet, plus the roads were blocked, leading developers to slow down the sales, also the second-hand property market turns to wait and see. Therefore, he expects that the overall property transaction registration volume in December reflecting the situation in above period is possible to fall below the 4,000 as both the first-hand and second-hand residential property transactions falling, and it is estimated to sharply drop by over 40% to only about 3,850 per month, may reaching a monthly new low since this year.

The performance of the first-hand property is better than the second-hand property.

Observing from the residential property sector, the first-hand private property transaction registration recorded the most significant monthly increase, mainly benefiting from the relaxation of the mortgage insurance restrictions and interest rate cuts after the mid-October, and developers actively promote new projects’ sales, driving up the first-hand residential property sales in November to break through the level of 2,000 to 2,091, a month-on-month increase of 54%; while the total registered property value rose 17% during the month, reaching HKD19.673 billion. As for the three new housing projects that have the most first-hand private property transaction registrations during the month, they are respectively The Grand Marine (507 cases), Evergrande. Emerald Bay (310 cases), and Seaside Sonata(237 cases).

Regarding the second-hand residential property, the number of property transaction registration continues to rebound, surpassing 3,000 cases for the first time in the past five months, and it mainly benefits from the relaxation of mortgage insurance restriction for first housing, which stimulated the first housing customers and a group of long-lost customers who want to change houses to accelerate their entry into the market, revitalizing the second-hand property market. In the whole of November, the second-hand private property transaction registration rose another 39% monthly, recording in 3,340 cases, which is not only the new high of nearly 6 months but also the monthly best since the outbreak of the "social movement"; The registered property value within the month also rose by 26%, with HKD26.463 billion in the whole month.

The trading of industrial and commercial shops did not perform well.

As for the non-residential property market, it became the housing style in downward in November, together with the decline in commercial building transactions and the decrease in registration of parking space only. Among the three categories of industrial, commercial, and shop, commercial buildings performed the worst, with monthly declines of more than 30%, failing to offset the increase in industrial buildings and shops; as for parking spaces only and other types of properties had the largest contribution, the transaction registration volume of them also fell below 500 cases level. In November, the overall transaction registration volume of industrial and commercial shops and other properties decreased slightly by 8% month-on-month, recording 763 cases; the registration amount involved fell sharply by 76%, with a total of only HKD5.636 billion.
Translated by 28Hse.com . All right reserved.