2024-04-26 Squarefoot Editor
Hong Kong’s private residential property market has seen prices drop for the tenth consecutive month, reaching the lowest point since September 2016, according to the latest data from the Rating and Valuation Department.
The residential property price index decreased by 1.7 percent to 302.5 in February compared to the month before, following a 1.2 percent fall in January.
Despite the overall price decline, the February figures precede the government's recent measures to relax housing restrictions.
Breaking down the numbers, homes of varying sizes all saw a decrease in value. Small to medium-sized apartments experienced a 1.65 percent month-on-month reduction. Specifically, units under 40 square meters declined by 1.66 percent, and those ranging from 40 to 69.9 square meters fell by 1.8 percent. Apartments sized between 70 and 99.9 square meters dropped by 1 percent in value.
Larger flats, those over 100 square meters, saw prices contract by 1.3 percent during the same period.
The rental index also experienced a slight downturn of 0.1 percent, marking the second consecutive month of declines.
Louis Chan Wing-kit from Centaline Property anticipates that the March index could show signs of stabilization or a minor increase, citing recent policy changes as a potential support factor.
The abolition of all stamp duties by Financial Secretary Paul Chan Mo-po at the end of February was a move targeted at reviving the dampened property market.
Knight Frank, a property consultancy, remains cautious and predicts an L-shaped recovery trend: a downturn in the first half of the year followed by stabilization, with an overall decline of up to 5 percent for the year.
Developers continue to launch new residential projects despite the market conditions. Seasons Place in Lohas Park is releasing its remaining 282 apartments, which received an overwhelming 11,780 applications, indicating over 40 times oversubscription.
CK Asset is also gearing up to unveil the first price list for Blue Coast, located above the Wong Chuk Hang MTR Station, after seeing 1,200 inquiries. The launch is expected within the next two days.
The luxury development One Stanley by K&K Property is opening its show flats to the public this Friday.
In a separate market segment, the auction for Haven Court in Causeway Bay is scheduled for next month, with a reserve price set at HK$2.43 billion.
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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 Normal 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 Normal listing 2-3times better performance | HKD: 3000 (or Hsemoney:3000) | Valid: 60 Days |