Hong Kong's second-hand property market has fallen to freezing affected by the new coronavirus epidemic. Ricacorp Properties and Hong Kong Property recorded zero transactions in ten leading housing estates on the past two-day weekend (February 1 to February 2). Centaline Property recorded only three transactions. The industry insider believes, in the short term, developers are adjusting their deployment plans in response to the epidemic situation, and the same in the second-hand property market. Therefore, the property market will difficult to break through the dilemma for the time being unless the epidemic situation improves.
Ricacorp Properties and Hong Kong Property had zero transactions on two days.
Synthesizing the network data of Ricacorp Properties branches, ten leading housing estates had zero second-hand property transactions in the past weekend and only one transaction on the weekend of January 25 to January 26. The President of Ricacorp Properties, Liao Wai-keung expresses, current both buyers and sellers have suspended the house visiting activities and wait and see since the Hong Kong property market is hitting by the pneumonia epidemic. He says no wonder that ten leading housing estates were recording zero transactions on the past weekend. Plus current is still the lunar New Year festival, which is the traditional dull property market, so the second-hand property transactions sharply decreased and has fallen into a see-saw situation.
Liao Wai-keung points out that both buyers and sellers are now mainly concerned about the future development of the epidemic, with most of them stay at home for safety due to the spread of the pneumonia epidemic in Wuhan. And this directly leads to the second-hand property market to the wait-and-see and see-saw stages. Although the property transactions have decreased sharply, it is believed that the impact on property prices will be limited, because current people are mainly reducing their outdoor activities, not losing confidence in the Hong Kong property market. Therefore, it is believed that there will not be a sharp price reduction in sales.
Centaline: House visiting activities have plunged 80%.
Centaline Property recorded three transactions in ten leading housing estates for two days, the same to that on the weekend in Lunar New Year. The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit expresses, new pneumonia epidemic rapidly spread in the Lunar New Year, and Hong Kong was not spared. Also, the current worse situation and the gloomy social atmosphere in Hong Kong block the appearance of the property market booming. Fortunately, Hong Kong's economic fundamentals remain solid. The citizens reduced their outdoor activities due to the epidemic, and the house visiting events have plummeted by 70% to 80%. He considers three transactions in the past two days to be an excellent performance.
