As housing prices fall, the number of foreclosed properties is rising. According to Centaline’s statistics, foreclosures surged to 344 units in August, breaking the record set during the 2008 financial crisis, and reaching a 17-year high.
Over 40% of these foreclosures are linked to finance companies. However, Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline, notes that the current market challenges are not as severe as during the financial crisis, when property prices plummeted by 23% in just nine months.
The total value of the 344 foreclosed properties exceeds HK$3.5 billion, with newer developments being especially hard-hit.
For example, small units of around 200 square feet in Ocean Camino in So Kwun Wat and K.Summit in Kai Tak have also fallen into foreclosure. Some luxury properties have also defaulted, including a adjoined unit over 2,000 square feet at One SilverSea in Tai Kok Tsui, currently listed for over HK$50 million.
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| Property Type | Price | Ads Period |
|---|---|---|
| For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
| Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
