2024-04-24 28Hse Editor
The latest U.S. inflation figure in June reached 9.1%, a record high in more than 41 years, and the market expects the Federal Reserve to expand interest rate hikes to fight inflation. Under the pressure of interest rate hikes, it will also offset the benefits of Hong Kong's earlier relaxation of mortgage insurance. According to a Centaline Property Research report, in June this year, the registration of second-hand private residences valued at RMB 10 million to RMB 12 million softened, with 288 cases recorded in Hong Kong, down 36.7% month-on-month. Hong Kong Island, New Territories West and New Territories East saw a drop of more than 40% in registrations of second-hand private home sales, while Kowloon recorded a drop of 24%.
Kowloon's private property transactions fell the least
Huang Liangsheng, senior co-director of Centaline Property Research, pointed out yesterday that 288 second-hand private residential sales transactions worth between HK$10 million and HK$12 million were registered in Hong Kong in June, a decrease of 167 (down 36.7%) from a month earlier. Month-on-month among the four districts, Hong Kong Island decreased by 52 (-44.1%), New Territories West decreased by 46 (-48.4%), Kowloon decreased by 44 (-24.3%) and New Territories East decreased by 25 (-41%). Among them, the Kowloon region saw a smaller decline, as the traffic is more convenient than the New Territories East and the New Territories West, and there are more suitable properties than the Hong Kong Island region, which is more in line with the needs of buyers. Therefore, the new mortgage insurance measures are more helpful to the transactions in Kowloon.
Huang Liangsheng pointed out that the largest decrease in the number of cases in terms of area was in the California/Splendid area, which decreased by 14 cases month-on-month, and recorded 7 cases in June. The next four areas are Ma On Shan, LOHAS, Tsuen Wan West and Olympic Station, each with 10 monthly reductions, with 17, 14, 11 and 10 cases recorded respectively.
Other areas with larger monthly negative growth included: Taikoo Shing area decreased by 9 cases (recorded 4 cases), Kornhill area decreased by 8 cases (recorded 2 cases), Tsing Yi and Tai Po Mid-levels each decreased by 6 cases (recorded 3 cases respectively) Cases and 2 cases), and 5 cases in each of the three areas of Mid-Levels West, Lam Tin and Yuen Long Stations (5 cases, 3 cases and 2 cases respectively).
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