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Real Estate Situation

New Hong Kongres will play a key role in property market in 2024

 

Damon Ho

9th December 2023

Since the government policy address declared to scrap partial spicy measures against the property market, the new Hong Kongers directly benefited from saving the special stamp duty against their new purchasing premises. By giving into new purchasing power, it will have a direct effect on the weakening property market. In fact, the population of new Hong Kongers is up to 300,000, and it will play a key role to stabilize property market.  

Ah Wei is new of Hong Konger, who obtained a bachelor's degree in finance in Hong Kong seven years ago and successfully got a post in a U.S. bank in the same year.With the assistance of his family, he acquired a new two-bedroom apartment in Tai Wai by full payment of Hong Kong dollar twelve million one month ago. 

In the past two years, property prices had been decreasing, but Ah Wei did not worry, he purchased this premises was for self-use, and the rise and fall of property prices will not affect the life of his whole family. Ah Wei believes that Hong Kong economy will still be impacted by certain fluctuation in the short term, so it is necessary to be cautious in investment. 

Ah Wei has no need to pay the installment, and his family income is still abundant, so his life remains stable. For him, the declining property price provides him with the opportunity to re-enter the market at a lower price in the future. For Ah Wei, the larger three bedrooms of eight hundred square feet more is his goal for upgrading his living space.  

Since the implementation of the exemption the special stamp duty, the new Hong kongers have begun to speed up the pace of entering the market. According to the statistics, 30% of home hunters are new Hong Kongers. It is estimated that they will begin to enter the market after January next year. Recently, a mainland customer who had paid the special stamp duty of more than two million to buy a residential unit for self-use. In fact, the current lower property priceis quite attractive to many mainlanders or New Hong Kongers.  

If the property price is within the affordable range of their family income, and they must own homes for self-use, they will quickly enter the market. With this new demanding to rush into the market, the property will rebound after January of next year.

 
 
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1. Government established Academy for Wealth Legacy 2023-12-09 13:06:47

The government has established the Hong Kong Academy for Wealth Legacy (HKAWL), which will offer a full suite of programmes tailored to the upper echelon.

HKWAL aims to offer comprehensive support, insights and knowledge exchange on wealth management to draw global family offices and wealth managers to Hong Kong.

The institute will work on four key areas, including a flagship summit, a new capital investment entrant scheme, philanthropic and impact investing, and art storage facilities.

2. Buyers entering market at accelerated pace 2023-12-10 09:44:51

With stamp duties in Hong Kong having been reduced and a pause in interest rate hikes by the United States, potential buyers are entering the market at an accelerated pace, resulting in some estates seeing deals being made, albeit with slight discounts.

A 603-square-foot, two-bedroom unit on a lower floor in Tai Koo Shing, Quarry Bay, was recently put on the market with an asking price of approximately HK$8.8 million.

It was sold off for HK$8.5 million, after some to-and-fro negotiations, or around HK$14,096 per square foot, according to Midland Realty, which was in line with current market values.

At Liberte, Cheung Sha Wan, a high-floor two-bedroom apartment with an area of around 517 sq ft was listed for sale at HK$8.8 million in September.

3. Hk saw biggest growth in international arrivals 2023-12-12 17:25:50

Hong Kong saw the biggest year-on-year growth in international arrivals in 2023, Euromonitor International reported.

According to the market research company, Hong Kong had 13.7 million international trips in 2023, a 2495% jump from 2022.

“The city was one of the last major travel destinations to remove COVID-19-related restrictions at the end of 2022, reopening all checkpoints between Hong Kong and mainland China at the beginning of 2023,” Euromonitor commented.

4. Compulsory sales amounted to record high 2023-12-14 13:28:23

Compulsory sales for redevelopment amounted to a record of nearly HK$23 billion this year as developers sought to expand their land banks by acquiring old buildings.

That HK$22.78 billion was for at least 17 old buildings that had been ordered to undergo compulsory auctions since the beginning of the year, making it the fourth consecutive year that the figure has exceeded HK$10 billion, according to data compiled by Sing Tao Daily, sister newspaper of The Standard.

Of the developers, Henderson Land Development (0012) was one of the most active, securing four buildings for more than HK$8 billion.

That does not, of course, include 4 Liberty Avenue in Ho Man Tin, as it will be up for auction, as requested by Henderson, only on Tuesday at a reserve price of HK$355 million.