Hong Kong's Wen Wei Po News (Reporter Huang Jiaming) Government spate of new spicy move, a second-hand property market quiet Bureau,trading in the doldrums,with April 29 "first-hand new legislation" launch,the transactions of new properties less than one hundred.Investment funds and the demand for housing has failed to reduce leasing become an important pillar of the property market. Recently,many newly occupied owners expect the rental side edge when the market turned more active,so the number of rental a increase in a sudden,three new residential properties gush over 300 flats for rent,so it leaded the price of rent crashed down, down over 10% rent even split cases.This year will be about 8,000 units of the new occupation released on the market, Tseung Kwan O and Yuen supply will become rent-hit,no minimum is bound to drag estates only lower rents,analyzing the next two or three months fell within the private home rentals or need 2-5% can be expected stable asthma.
According to statistics, there will have new properties release in six districts on the markets this year. Shatin Riverpark provided 981 flats in the early May; TKO La Splendeur1,168 flats, in the second half in the same district TKO The Beaumount 1,777 flats,Tuen Mun Century Gate 1,075 flats and Yuen Long The reach 2,580 flats,together with the beginning of this year 1,028 flats of TKO The Wings,these new properties provided over 8,600 flats in total, will definitely be the focus of the new rent source. The new buyers who entered the market without the"spicy tax", many of them are investors,mainland visitors,their occupations tended to lease, so the number of rent will increase and the price of second-hand rental got an inevitable pressure.
Rent reduction to attract customers,offset by strong growth this year
Ricacorp Properties head of researchChou MoonKit said,high consolidation of the second-hand property prices apeeared in recent months,the rent trend also see softening involvement leasing off-season to make rent reduced demand,coupled with the recent East and West Kowloon have new properties released,a large number of rent or pre orders emerged market,private home owners willing to reduce rents to attract customers and competitive,resulting in residential rents trend from up to down,while in the first quarter cumulative increases in rents more almost completely eroded, showing standstill state.
Integrated Research Department Ricacorp Properties latest data,50 indicators estates territory weighted average traded ft rent of $25.56 hKD in April,compared with March's $25.96 HKD fell 1.6%,rose 14 months after the last first decline recorded; YTD cumulative increase overall rent,therefore narrowed to 0.5%.
Chou MoonKit said, with the Sha Tin Riverpark and Tseung Kwan O La Splendeur1 begin repossession,there are more second-hand rent properties released,coupled with a higher proportion of three-bedroom units,may not be able to fully meet the needs of the summer students lease,the tenant pairing obviously difficult than two rooms,it is expected a greater downward pressure on rents private homes,estimated in the next two to three months,or need to rent private homes fell by 2-5% can be expected stable asthma
La Splendeur1 in Tseung Kwan O low rate of return of 2.8%,it is not considered low
Among of all, the rent of the newly-occupied LOHAS Park and La Splendeur1 in Tseung Kwan O surge dragged so it lead their prices fall,Midland Realty Lau ChukHo said the project have reached the floor of the collar is now the region rent Tim Kay pressure,which has just been undertaken 11 Left Middle Room B,involving monthly rent $18,200 HKD,total construction area of $13.7 HKD per sq ft rent,utilities ft Rent $18.1 HKD, rental return rate of 2.8%.There are nearly 165 units of La Splendeur1 in TKO are already leasing, accounting for 15% of the total units, usable area average rent per square foot is called by the $20-23 hkd range, but has been reported that the project has units in Ft Rent as low as $17 HKD leased expected repossession peak period there will be more releases for rent, the rent is bound to be under pressure.
The Gloucester and One Wanchai in WanChai provided over one hundred flats in order to attract tenants
Meanwhile, the month before the completion of the Wan Chai Gloucester,due to the fact that some owners did the transactions and repossessions early,so that now appear to have put the rent at least 30 flats, with an average asking rent ft building about $50 HKD,$70 HKD psf practical, most flat monthly cost $24,000 HKD, among of this,Flat E,low-floor,building area of 478 feet and 339 feet of usable area,construction and practical ft rent were $50HKD and $ 70 HKD. There are 177 units released in total,there are about 17% of the units are now leasing in the market,together with One Wanchai which still have 60-70 flats of rent,there are almost hundred flats between these two properties provided on the market in order to attract tenants.
