The Hong Kong property market recorded a decrease in prices and transaction volumes at the end of 2023. However, housing estates in two districts only faced price drops, with their sales holding steady.
According to Centaline Property, among the 18 districts, only Sham Shui Po and the Eastern District saw a yearly increase in second-hand private property transactions.
Traditionally a middle-class area, the Eastern District has felt the effects of migration and interest rate hikes in recent years.
We can see this from prices at several large-scale housing estates, which have dropped to levels similar to those of homes in the New Territories, to attract buyers. We examine three cases in Hong Kong Island East that illustrate this (Nan Fung Sun Chuen, Taikoo Shing, Kornhill).
Over the three-day long weekend, buyers’ focus shifted back to the second-hand market, due to an increase in buyer bargaining power and no new projects launched in the first-hand market.
During the long weekend, 13 to 18 transactions were recorded for Hong Kong’s top ten blue-chip housing estates.
The first-hand market was relatively quiet, with 29 transactions recorded during the three-day long weekend, similar to that of the New Year’s holiday last year. Between Saturday and Sunday, the first-hand market recorded 18 deals, doubling the number from the previous week.
Looking ahead, single-building project Phoenext in Wong Tai Sin, developed by Wang On Properties will be the first new development to be launched in 2024.
We conclude with upcoming highlights of new developments in Hong Kong, Kowloon, and the New Territories.
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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 |
