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Property prices bounce back 5% before mid of this year
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Property prices bounce back 5% before mid of this year

 

Damon Ho

2023年1月7日

Entering the new year, the investment sentiment continues to improve. Taking the Hang Seng Index as an example, it has rebounded more than forty percent in the last two months. Once the market commentors were bearish and they predicted that the index would peak at twenty thousand points. Then the index would fall repeatedly from highest point to the lower position. However, the index rose more one thousand points since the first trading day of this year. As a result, it broke through twenty thousand points, the boundary between bulls and bears.

The Hong Kong stock market is booming. The market observers widely suppose that the market will bounce back after the lunar new year. Now the situation has changed. The potential buyers worry about the property price will rise after January 8th., so they have been searching the target premises in recent days. In Kowloon, a proprietor sold out its premises in the first opening day for sale. If you still think that you can bargain a better price later, you will miss the opportunity now.

Until recently, the property market has shown signs of bottom out, amongst of which the trading volume has rebounded, the amount of the discounted price listings is less than before, and the wiggle room for price reduction is narrower. Moreover, the market sentiment tends to turn better since the influx of the mainland travelers after January 8th. As a result, the improvement of outlook will boost property market and the developers will therefore speed up arrangement to launch the new projects.

The developers aware the change of the perspective and they will adjust upward the selling price of the new projects to the market price level. If the new price level is acceptable to the public, they may add the price premium to second or third batch in a row. As the price level of primary market units has been rising, the secondary market units will follow to raise the asking price. Therefore, the small price hike is almost certain after the lunar new year.

Since the border crossing reopening and the normalization of the public policies, the property price will rise steadily. If there are no other major adverse events in the world affair, it is highly possible that the property price will rise 5% before the mid of this year.

Property prices bounce back 5% before mid of this year
1. Citizens reservation for cross border travel
2023-01-07 16:46

About 390,000 citizens have made a reservation for cross-border travel through government’s online system and the 50,000 daily quotas have yet to run out, Hong Kong’s no.2 leader said, noting that the quotas offered are sufficient to deal with the demand. 

Chief Secretary Eric Chan Kwok-ki said on Saturday that authorities must reopen the border orderly so that citizens won’t all flock to mainland at once. 

“At this point I can’t say on which day will the daily quote increase and by how many. It depends on the actual circumstances and we must also test all the transportations beforehand,” Chan told a radio program. 

2. Residential prices 0% to 5% decline in 2023
2023-01-08 21:42

Cushman & Wakefield experts predict a further 0% to 5% decline in residential prices in 2023 following slow market activity in 2022.

Year-to-date, prices have dropped more than 10%. Meanwhile, monthly transactions were averaging less than 4,000 units.

“Whilst buying sentiment in 1H 2022 was mainly affected by the fifth wave of the pandemic, the market witnessed other emerging impacts in 2H 2022, including rising interest rates and stock market volatility, which prompted buyers to remain cautious and transactions to slow in both primary and secondary markets,” C& W said.

3. Hongkongers prefer to buy
2023-01-10 11:03

More Hong Kongers (35% vs 22%) is eyeing to move in the next two years and those who plan to prefer to buy new homes instead of renting.

According to CBRE, 72% of early millennials (34-41) and 64% of Gen X (42-57) plan to buy new homes, making them the age group with the strongest intentions to purchase.

"Prospective purchasers include young families and professionals with relatively strong financial stability and the ability to buy despite the city's rising mortgage environment."

4. Residential rents dip last quarter
2023-01-11 09:27

Hong Kong residential rents declined in the fourth quarter of 2024 on the back of weak volumes, with the latest “0+0” arrival policy having a “very minor” impact, but declining prices are seen to drive people to rent.

In a report, Savills said there was only little change in the activity levels in the third quarter but the landlords are becoming more flexible in negotiations by the year-end as many are looking into leasing vacant units before the “traditionally quiet run-up” before the Chinese New Year.

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