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Hong Kong Property Market - Yr.2020 Oct: Average price per sq feet $11600 0.03%   (last month:$11597)
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Two new markets in Tuen Mun have over-received votes

2020-07-31-(Fri)
【28Hse.com】  

Hong Kong Wen Wei Po (Reporter Liang Yueqin) The Federal Reserve kept interest rates unchanged as market expectations, and the low interest rate environment continued. Two new Tuen Mun developments include Royal Bay and Imperial. Golden Bay closed all tickets yesterday. Among them, Xindi Tuen Mun Royal Bay, which launched the second round of 55 units today, collected 1,307 votes. With 54 units on sale tonight, the over-registration was over 23 times; Empire Group cooperated with Hong Kong Ferry The Emperor of Castle Peak Bay, Tuen Mun. Jinwan received 8,563 votes, with 185 units on sale tomorrow, over-registering 45 times.

Restriction order continues to affect trading

Bu Shaoming, chief executive of Midland Realty's residential department, said that the Federal Reserve has kept interest rates unchanged, and the Monetary Authority has re-entered the market. The balance of the banking system has increased by nearly 130 billion HKD in just a few months. The low interest rate environment has supported the property market. However, the current interest rate is not the most important factor affecting the property market. On the contrary, the epidemic has a greater impact on the property market, and residential transactions are reduced by the impact of the epidemic in the short term. With the outbreak of the third wave of the epidemic, the gathering restriction order has been tightened to two people. He believes that in addition to reducing prospective buyers’ desire to visit properties, owners may also reduce open units to visit. Second-hand transactions are expected to continue to fall, and second-hand residential transactions will be reduced. An estimated 3,500 cases in July fell 20% to an estimated 2,800 cases in August.

In terms of new properties, he said that there have been no significant changes in the pace of developers launching properties. He believes that the new properties that have been launched have not been affected by the anti-epidemic measures; however, the sale of large-scale new properties in the future may slow down in response to the new gathering restrictions. Therefore, it is expected that the first-hand sales volume will decrease from an estimated 1,200 units in July to an estimated less than 1,000 units in August. He believes that when the epidemic eases, the backlog of purchasing power will be released again, property transactions will rebound by then, and property prices will also be supported.

Translated by 28Hse.com . All right reserved.