2024-04-23 28Hse Editor
The sudden outbreak of the fifth wave of the epidemic this month, coupled with the low season of the property market before the lunar calendar, has made the property market in Hong Kong even worse. According to the statistics of an agency bank, 35 large housing estates in Hong Kong were transacted on the first 19 days of this month, and only 138 transactions were recorded, a decrease of about 14.8% month-on-month compared with the 162 transactions in the same period in December last year; the number of rental transactions also decreased during the same period About 17.4%. The agent pointed out that due to the impact of the epidemic, the atmosphere of the property market has become more wait-and-see, and most landlords have not expanded their bargaining space, which has led to a decline in rental and sales transactions. ◆reporter Yan Lunle
Based on the information of Midland Property Branch, the 35 large housing estates in Hong Kong recorded a total of 138 transaction transactions in the first 19 January this year, a decrease of about 14.8% month-on-month compared with the 162 transactions in the same period in December last year. Housing estates recorded 270 tenancy cases in the market, a decrease of about 17.4% from 327 cases in the same period last month. The figures show that the performance of 35 housing estates so far this month has been weaker than that of the same period last month, in terms of sales and leasing, among which the monthly decline in rental cases is even greater.
Owner-enterprise hardship leads to see-saw in buying and selling
Bu Shaoming, CEO of Midland Realty's Residential Department, said that due to the impact of the epidemic, the atmosphere in the property market tends to wait and see, and some property owners with strong holdings have limited room for bargaining, which has led to a tug-of-war between transactions and a monthly decline in transactions this month. The owners who shipped the goods were willing to cut prices, attracting some prospective buyers looking for bamboo shoots to enter the market. Therefore, the number of transactions in 35 housing estates in the past week has rebounded week-on-week. Calculated from January 10th to 16th, 35 housing estates recorded 69 transactions, up about 44% on a weekly basis, hitting an 11-week high since the end of October last year.
In fact, as early as December before the epidemic, the market was already worried about the U.S. interest rate hike and the Omicron variant virus, and the real estate market traded down. Wang Pindi, director of the Hong Kong Property Research Department, said that according to the information of the Land Registry, 2,100 second-hand residential registrations have been recorded this month (as of the 19th), a decrease of about 11.5% from the 2,372 registrations in the same period in December 2021. In view of the time required for the signing of the sale and purchase agreement to be submitted to the Land Registry for registration, the registration cases in January this year generally mainly reflect the market conditions in December last year.
In December, the property prices of second-hand housing estates in various districts also showed a significant correction. Huang Liangsheng, senior co-director of Centaline Real Estate Research Department, pointed out that in August 2021, the four major overall indexes of CCL all hit record highs, but then the US Federal Reserve announced to reduce the purchase of bonds and Interest rates will rise, coupled with market concerns about the outbreak of the Omicron variant virus in the local community, resulting in a continued softening of Hong Kong's property prices. CCL_Mass, which reflects the property price trend of large housing estates in Hong Kong, reported 186.27 points in December, down 3.8% from the historical high of 193.57 points in August.
Among them, the property prices of housing estates in Kowloon District took the lead in the adjustment, and CCL_Mass in Kowloon District reported 178.92 points, down 5.3% from August.
Housing estate prices in Kowloon take the lead in adjusting
Large housing estates such as Whampoa Garden, Joyful Residence, Amoy Garden and East Point City, the average price per square foot all recorded declines in December last year, down 5.5%, 3.5%, 2.4% and 1.7% from August. Hong Kong Island CCL_Mass and New Territories West CCL_Mass reported 188.68 points and 172.06 points respectively, down 4.7% and 3.2% from August. The New Territories East CCL_Mass reported 201.92 points, which was similar to the figure in August, and performed better among the four districts.
Taikoo Shing Star Court sold for a total drop of 2.2 million yuan
Recently, there have been frequent price reduction transactions in various districts. Li Baida of Centaline Real Estate said that Room G on the middle floor of Tianxing Court in Taikoo Shing has a usable area of 707 square feet and 3 bedrooms. The unit changed hands in yuan, equivalent to an average price per square foot of 20,226 yuan. The original owner bought the unit for 6.06 million yuan in April 2008 and held it for 14 years, earning a book profit of 8.24 million yuan and the unit's appreciation by 136%.
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