The transactions of the property in March is expected to be increased 50% and the properties with a small amount of prices recorded hot sale
Hong Kong's Wen Wei Po (Reporter Leung Yuk Cum)The spicy trick have passed through the third reading of the Legislative Council,the owners
are willing to discount 3-5%,coupled with there are no factors of Lunar New Year holiday,the second-hand property transactions in the first half of March have rebounded significantly,top-nine large housing states have been recorded 134 transactions,some housing estates such as the tradings in South Horizons in Aberdeen,Caribbean Coast in Tung Chung,Kingswood Villa in Tin Shui Wai and Metro City in Tsueng Kwun 0 have recorded a doubled,especially the properties with an amount of below HKD $5.0 million were the most hot-sale.Insiders expected that the second-hand property transactions will rebound 40% to 50% in March when compared to the transactions which recorded in February,it rose to the level of about 3,000 cases and the overall property market remained in the situation of 'the prices fell and the transaction volume rose'and it is expected that the annual property prices will fall 5-10%.
Centaline Asia Pacific president of residential department Chan Wing Kit said that the double spicy tricks passed through the legislation and it cause the market become more clearer,coupled with the first-hand new properties keep on launching out the sale together with preferential price promotions,so there are many owners face the reality and willing to be discounted the prices,while in February due to the Lunar New Year holiday factor,so it cause a little transactions volume have recorded, also it have led the transactions in first half of March rebounded,as the Centaline commission for example,it have jumped three times over the same period of the previous month.
Chan Wing Kit said that the property prices in the first half of year have fell 15%
He expected that the property market in the second season of this year will still be dominated by the first-hand properties,the developers will launch out the sales with an discounted prices in order to seek for selling the properties,the overall property market a situation of 'the prices fell and the transaction volume rose'and the second-hand property prices were expected to fell 10% to 15% when compared to the same period of last year.
Ricacorp Properties president Liu Wai Kung also said that due to the fact that the owners of second-hand properties are willing to discount
the prices,also the buyers who have accumulated the purchasing power before have also intended to buy the properties,so it cause the second-hand property transactions in March have rebounded,it is expected it have been rebounded 40-50% in the whole month,which have reached the level of 3,000 transactions.He believes that due to the fact that under the first-hand residential sales legislation this year,it is hard to be launched out a number of first-hand new property sale to meet the market demand,so it is expected there are only 14,000 to 15,000 units will be provided finally,it is belong to a normal level and it is expected the decline of the property prices in full year of about 5-10%.
Judging the second-hand property market of every districts in the first half of this month,there are tradings in some districts have recorded rendering doubled times.Chief district sales manager of the second branch of Centaline which located in South Horizons West wing district Lo Ken Ho pointed out that there are nine transactions recorded in the South Horizons in the early March,it have recorded an increase of 2 times,but the price range was comparable.He admitted that after the implementation of the spicy trick since March,the owners of second-hand properties are willing to bargain the prices and the asking price wasn't stand firm as the earlier days,so that it cause home buyers are willing to buy the properties which cause the transactions recovery.
Tseung Kwan O also appeared this situation.Centraline TKO senior sales director Tam Kuo Ching pointed out that there are more than 20 private
housing estates in Tseung Kwan O have recorded a total of 91 transactions in the first half of March,has been higher than 84 transactions which recorded in the whole last month,of which Metro City have accounted for 18 transactions a monthly increase of 1.6 times,but the price fall 3-5% monthly,the latest transaction price of HKD $10,180 per sq.feet.As for LOHAS Park have accounted 8 transactions,fell 38% on a monthly basis,the price also fell 3-5%,the latest transaction price of HKD $7,702 per sq.ft.She said that,as the owners are willing to bargain and discount the prices,so the mentality of buyers was better than the earlier days,so it cause the transactions rose,especially properties with an amount of below HKD $4.0 million to HKD $6.0 million have recorded the most active transactions volume.
Buyers bought the properties in Tung Chung district in order to use for rental investment
Centaline Coastal Skyline branch manager Cheng Hin Yip said that the asking prices of second-hand properties in Tung Chung district has fell significant,coupled with the owners are willing to widen 3% to 5% of the bargaining space,so it have stimulated the second-hand property
transactions rose again,the whole region have recorded about 19 transactions in the first half of this month,rose 1.3 times on a monthly basis.Of which Caribbean Coast accounted for eight transactions,rose a doubled times monthly,the latest transaction price of about HKD $8,000 per sq.ft,comparable with the previous month,the current buyers of Tung Chung are mainly foreign buyers and buyers who wanted to change their properties,also there are some buyers bough the property for rental investment,so it cause the transactions of the properties which with an amount of HKD $4.3 million to HKD $4.6 million becoming the most popular,also due to the fact that its feet rent also reached HKD $25 per sq.ft,so there are a lot of buyers bought the properties for rental investment in order to offset the mortgage payments,which cause the whole property tradings hot sale.
