Customs clearance is expected to be delayed, buyers enter the market cautiously, property prices may continue to soften
Under the double blow of the epidemic and the haze of interest rate hikes, property prices in Hong Kong have fallen significantly over the past month or so. Centaline Properties announced yesterday that the latest CCL CCL stood at 185.25 points. Although it still rose slightly by 0.03% on a weekly basis, it has fallen by 1.33% in the past 6 weeks. Property types fell by 1.44% in 6 weeks, while large units only fell by 0.93%. According to the industry, the customs clearance time is expected to be delayed due to the epidemic, buyers have become cautious in entering the market, and some owners who are eager to sell their units have reduced their prices, which is the main reason for the recent drop in property prices. ◆reporter Yan Lunle
In November last year, the new crown virus Omicron appeared in Hong Kong, and the trend of property prices began to soften repeatedly. Huang Liangsheng, senior co-director of Centaline Property Research, pointed out that among the four overall CCL indexes, there has been a significant decline in the past six weeks (about one and a half months), and the latest CCL reported 185.25 points, compared with 187.75 points six weeks ago, a rapid decline About 1.33%. Small and medium-sized units fell the most, down 1.41% in 6 weeks. CCL Mass, which reflects the trend of large housing estates, also fell by 1.39%. On the contrary, large units fell more moderately, down only 0.93% over the same period.
Property prices on Hong Kong Island plunge 3.93% in 6 weeks
It is worth noting that the CCL announced yesterday mainly reflects the provisional sales and purchase contracts signed from December 27 last year to January 2 this year. Huang Liangsheng said that with the government's announcement of tightening anti-epidemic measures, it is estimated that the property price will further soften. As for the spread of multiple communities this week, the impact on property prices will not be reflected until the CCL announced in late February.
In addition, among the performance of property prices in the four districts, Hong Kong Island has the most obvious decline. According to the bank's data, the Hong Kong Island property price index recently reported 175.12 points, down 3.93% in the past 6 weeks. The rest of the New Territories West property price index fell by 0.98%, Kowloon fell by 0.23%, and New Territories East fell by 0.21%.
Zhang Qiaochu, managing director of Hongliang Consulting and Evaluation, said that the severity of the epidemic was unexpected. The public expected that the timetable for customs clearance would be delayed. Buyers became cautious and wait-and-see, while owners who were eager to sell became willing to reduce costs. Price promotions are the main reason for the recent market decline. As for whether the decline will continue for a long time, he believes that it is too early to say, so there is no change in the property market forecast. It is expected that the overall property price will still increase by 5% to 7% this year, slightly higher than last year.
Weekend bookings for property inspections drop across the board
At the same time, due to the impact of the epidemic, the property inspection activities have also been postponed. The number of property inspections announced by various agency banks has dropped across the board. The number of property inspections in the top ten housing estates of Centaline Property this weekend recorded 420 reservations, a decrease of 4.5% from last weekend. , hit a new low for nearly a year. the United StatesAccording to the statistics of the industry branch, the number of appointments for property inspections in 15 benchmark housing estates continued to record a decline over the weekend, with only about 347 groups, down about 3.3% week-on-week. According to the data of Lijia Court Real Estate Research Department, a total of 1,085 groups of customers in Hong Kong's 50 benchmark housing estates recorded an appointment for property inspections on weekends, a decrease of 2.3% week-on-week, and the decline for 3 consecutive weeks.
Chen Yongjie, vice chairman of the Asia Pacific region and president of the residential department of Centaline Real Estate, said that as the New Year's Eve approached, buyers and owners gradually slowed down. Coupled with the repeated epidemics and tightening of epidemic prevention measures, the market sentiment was affected, and the property market sentiment further weakened this week. However, recently, some property owners are anxious to sell goods and are willing to increase the bargaining space. There are also many buyers in the market taking the opportunity to absorb flat sales, and the transaction volume of individual housing estates has not fallen but has risen. With the recent positive news in the market, such as the reduction of interest rates and the release of water in the mainland, and the continuous introduction of economic stimulus measures, it is expected to boost the market sentiment. He believes that the Hong Kong property market will usher in a small spring after the new year.
The mainland releases water and is optimistic about the property market after the New Year
Bu Shaoming, CEO of Midland Realty's Residential Department, said that new properties were put up for sale this weekend, attracting some second-hand customers. In addition, the repeated epidemic also affected the number of property inspections. In addition, there is still one week before the Lunar New Year, and some homeowners "close the furnace" early and continue to sell their properties after the holiday, which also affects the pace of buyers' entry into the market. He continued that recently, many owners are willing to reduce prices to facilitate transactions, and some sellers who are eager to cash out have negotiated 5% or more, attracting buyers to undertake. He also believes that the release of water from the mainland and the "double drop" of LPR will benefit the economy and stimulate the property market. If the epidemic is under control, the property market will be optimistic after the Chinese New Year.
