Property

The declining supply of low-priced properties

With property prices rising rapidly, are there even any low-priced properties left in the market? According to statistics from Midland Research Centre and the Land Registry Department, there were altogether 17 housing estates by the end of 2017, where the price per square foot was at HK$10,000 or under, but by this January, 14 of the aforementioned estates were already priced higher than HK$10,000 per square foot. These include Tai Hing Gardens, Sun Tuen Mun Centre, Park Signature, Central Park Towers, Rambler Crest, Hong Kong Garden, Sea Crest Villa, Belvedere Garden, Avon Park, Caribbean Coast, Tung Chung Crescent, Discovery Bay, Le Prestige, and Le Prime; the estates worth under HK$10,000 per square foot are Kingswood Villas, The Sherwood, and Allway Garden.

As housing prices inflate, units costing less than HK$10,000 per square foot will become scarce while the number of units costing between HK$10,000 to HK$15,000 per square foot are also decreasing simultaneously.

In contrast, estates with an asking price between HK$15,000 to HK$20,000 per square foot have jumped from 10 to 37, increasing to almost three times; while figures for those selling at over HK$20,000 per square foot have risen from two to five. The value of Residence Bel-air and The Belcher’s units have been recorded at HK$30,901 and HK$24,191 per square foot, respectively, thus far this year.