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The Second-Hand Property Market Is Dull under Negative Atmosphere.

Image Caption
2019-11-18-(Mon)
【28Hse.com】  
Hong Kong Wen Wei Po (By Yan Lunle)

The continued social violent conflicts brought the negative atmosphere and made most prospective buyers hope to decide after observing the market outlook, resulting in a decline of trading volume on Saturday and Sunday. The second-hand property transactions in ten leading housing estates recorded by each major agency in the past two days (November 16 to 17) were all in a single digital number, from 3 to 7 cases. The first-hand property trading was also dull, and for all new projects in two days there were less than 30 cases, a sharp drop of 65% from 83 cases in the previous weekend.

According to the statistics of the Midland Real Estate Branch, in the past Saturday and Sunday, the ten second-hand blue-chip leading housing estates recorded a total of 7 transactions, up 16.7% from 6 cases in the previous weekend, and the number has been in digital level for two consecutive weekends. The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expressed, the second-hand property market had been booming last month driven by many positive factors, but the houses visiting activities was affected by the intensified social incidents in recent days, and the prospective buyers have become more cautious, plus many favorable houses have been sold in early, so the second-hand property transactions decrease.

Ten leading housing estates recorded single-digital transactions.

However, he believes the accumulated purchasing power will be released under positive factors of continued demand, mortgage relaxation measures, and so on, if the "social incident" atmosphere is relaxed.

Centaline Property recorded the transactions in ten leading housing estates in 7 cases, 3 cases more than the previous weekend, but the number was still up and down at a low digital level. The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit expresses, the traffic in various districts have been unsatisfactory in recent days, affecting the houses visiting activities of cross-districts, and fortunately the demand from users is great, also there are still purchasing powers, so users in the same district will still enter the market if the houses are satisfied, plus there is no large-scale new project on sale in downtown recently, thus customers are kept in the second-hand property market of downtown. On the contrary, the new projects in the New Territories is very attractive, suppressing the second-hand property trading in the New Territories.

Ricacorp: Some owners increased prices.

Ricacorp has recorded 6 transactions in ten leading housing estates for two days, no rise or fall per week. The President of the company, Liao Wai-keung expresses, the market is shrouded in a negative atmosphere, leading to sluggish trading. Although the Government has relaxed the mortgage insurance scheme for first housing to stimulate buyers' desire to enter the market, the effect has been slowly digested after three weeks, and many buyers in the market failed to find reasonable houses due to the reduction of cheap houses and markup from some owners, affecting the second-hand property trading.

The Chief Executive Officer of Hong Kong Property Services, Lee Chi-shing says, the recent "social incidents" have once again been unstable, affecting the market sentiment and the houses visiting number of times, plus the high-quality cheap houses have decreased recently, so it is believed the second-hand property market will be in downturn in the short-term, and buyers will temporarily wait and see the market conditions or return to the first-hand property market. This company recorded the transactions in ten leading housing estates of 3 cases, down 1 case per week.
Translated by 28Hse.com . All right reserved.