The trading of second hand property was dull in the past one month. Many owners chose renting unit to wait and see the future market. It rose up renting market and residential property rent in some part of New Territories was swayed. Some property agent pointed, the number of new renting units in Tuen Mun in March rose 57% than it in February and rose 36% than it in January. The rent faces pressure of decreasing. Tin Shui Wai and Tsing Yi appeared situation of rent concession at 4.8% or above.
Strict measure increased cost. Quantity of renting unit in Tuen Mun increased 57%.
Wang Wei, the supervisor of research department of Many Wells Property Agent Ltd expressed, the quantity of new renting units in Tuen Mun district this month obviously increased. According to the past, many renters would change houses after Chinese New Year. Some of the owners would sale the units of which the lease expired. But recently the property price slightly adjusted. Owners consider that buying property again will be affected by the strict measures and need to pay new stamp duty after they sale the former one. So they would rather to rent the unit again. This made the quantity of renting unit increased and the rent might be decreased.
Xie Li-guan from Many Wells Property Agent Ltd expressed, the trading in Tin Shui Wai cooled down but renting rose up after government announced the latest measure which aim to control the property market. A few days ago, the company just facilitated a case of rent concession in Kingswood Villas phase 2 (Sherwood Court ) in Tin Shui Wai. It is room D, high floor, building 2 with usable area of 551 sq ft and cover area of 714 sq ft. The layout is 3 rooms 2 halls. It rented at HKD 8,500. The average usable area sq ft price was HKD 15.4 and the average cover area sq ft price was HKD 11.9. The owner decreased the rent from HKD 9,300 to HKD 8,500 at decreasing range of 8.6%.
In addition, Tsing Yi district also had owner willing to decrease the rent to attract customers. Zeng Wei-ming from Midland expressed, the owner of room C, high floor, building 1, TSING YI GARDEN in Tsing Yi decreased the monthly rent from HKD 14,500 to HKD 13,800 with decreasing range of 4.8%. The unit is in cover area of 670 sq ft and usable area of 547 sq ft. The layout of it is 3 rooms.
Unit of Luxury project ONE MAYFAIR ease back nearly of 9%.
Rent concession extended to luxury project. Zhang Yong-si from Midland expressed, the trading of luxury house frozen. Cases of buying change into renting appeared in succession. Thereinto, rent of unit in ONE MAYFAIR ease back nearly 9% for renter who from same district because of owner’s worry on future market. Mr. Zhang expressed, room B, low floor, building 6 with cover area of 1,645 sq ft and usable area of 1,269 sq ft rented at HKD 62,000. The rent price ease back nearly 9% comparing with HKD 68,000 which required by the owner before. According to the calculation of monthly rent, the cover area sq ft rent was HKD 37.7 and the usable area sq ft rent was about HKD 48.9. The owner bought this unit at HKD 27.59 million in November 2011. The rental yield is 2.7%.
