Kong Wen Wei Po News (By Liang Yueqin)
Owner is willing to cut 3%-5% being affected by Legislative Council's approval of double strict measures, plus with Chinese New Year holiday ends, second hand property transactions in first half of March obviously rose, with 134 cases registered in 9 large housing projects, and transactions of some projects like South Horizons in Aberdeen, Caribbean Coast in Tung Chung, Kingswood Villas in Tin Shui Wai and Metro City in Tsueng Kwan increased doubly, especially among small cost houses under HKD 5 million. Second hand property transactions in March will rebound by 40%-50% to about 3,000 cases comparing to February, and the whole property market will maintain price down quantity up, with property price estimated to fall by 5%-10% in whole year, insider predicted.
The market is more clear after double strict measures were approved, plus with many second hand property owners cut price facing first hand projects continue supplying price cut promotion, and the transactions in February were less because of Chinese New Year holiday, so the transactions in first half of March obviously rose, for example, Centaline's commission increased three times than of same period in last month, expressed by Chen Yongjie, the Asian Pacific Region Residential Department President of Centaline Property.
Chen Yongjie: price estimated to fall by 15% in first half year.
There still will be first hand property leading the market in the second quarter, which will keep cutting price to maintain sale quantity, so the whole property market will be in situation of price down quantity up, while second hand property price estimated to fall by 10%-15% in this first half year than of the same period in last year, he predicted.
Since second hand property owner is willing to cut price, so users want to buy, leading second hand property transactions in March obviously rose by range estimated of 40%-50% to about 3,000 cases, Liao Weiqiang, the President of Ricacorp Properties said. He believed, first hand property projects are difficult to be put on sale in large quantity under Residential Properties (First-hand Sales) Ordinance, with 14,000 to 15,000 units come into the market finally by estimation, which will be normal level, and the property price will fall by 5%-10% in the whole year.
Among the presentations of second hand property in each district during first half of this month, some have doubly rose on transaction. South Horizons had 9 transactions in first half of March, up two times on month to month basis, but the sq ft price was much the same, pointed by Lu Jinghao, the Chief Region Sale Manager in 2nd Branch of South Horizons West of Centaline Property. He frankly said, second hand property owners are willing to cut price after double strict measures approved, plus with buyers also want to get into the market, so transactions rose.
Tsueng Kwan also has the same situation. More than 20 private housing projects in Tsueng Kwan had 91 transactions in the first half of March, higher than 84 cases in last month, Metro City among had 18 cases, up 1.6 times by month, while the price fell 3%-5% by month, with latest usable area sq ft price at HKD 10,180, pointed by Tan Guizhen, the Senior Sale Director of Tsueng Kwan Region of Centaline. LOHAS Park sold 8 units, down 38% by month, with price also decreased by 3%-5%, and the latest sq ft price is HKD 7,702. She expressed, buyers have greater intention since owners willing to negotiate, leading transaction increased, especially among properties from HKD 4 million to HKD 6 million.
Renters in Tung Chung sell house frequently.
The second hand property price in Tung Chung declined, plus with owners are willing to cut by 3%-5%, leading second hand property transactions of the district rose, with about 19 units sold in the first half of the month, up 1.3 times by month, expressed by Zeng Xianye, the Coastal Skyline Branch Manager of Centaline Property. Caribbean Coast had 8 cases, doubly rose by month, with the latest sq ft price at about HKD 8,000, similar to of last month. Currently, customers are mostly house changing people from Tung Chung and other districts, and there are also renters. The properties from HKD 4.3 million to HKD 4.6 million are most popular. Since the sq ft rent is up to HKD 25 monthly, so many renters use the rent to pay repayment, leading transaction hot.
