Property

Cheap listings in Tuen Mun no more

Tuen Mun area

As property prices in Tuen Mun are relatively cheap, a large portion of Hongkongers buying their first flat will look to the Tuen Mun market. However, this situation has recently changed and low-priced listings in the district are steadily dwindling.

According to Many Wells Property Agency, the number of private residential property listings costing less than HK$4 million has dropped to under 100; more specifically, there are only 84 such listings left this month, a 16% decrease compared to the same period last month. Last year, there were 205 listings in Tuen Mun sold for under HK$4 million, which means the figure has dropped 60% in a span of a year. If public estates and subsidised housing from the Home Ownership Scheme and Sandwich Class Housing Scheme are also included in the count, Tuen Mun, at present, has 117 listings under HK$4 million, a drop of 70% when compared to the same period last year. The listings now available under HK$4 million are mainly units in standalone buildings, and one can simply perish the hope of finding units in estates selling for such a price.

Tuen Mun is notorious for its traffic problems. Tuen Mun Road is always congested, and even though the West Rail line now links to the city, most Hongkongers still regard Tuen Mun as inconvenient to reach. However, there are investors considering this area, mainly due to China's developing of the Greater Bay Area. The Hong Kong-Zhuhai-Macao Bridge is due to open soon, making it possible to drive from Tuen Mun to Macau within 40 minutes. Additionally, the government is building a tunnel from Tuen Mun to Chek Lap Kok, which will prove advantageous to those living in New Territories West when travelling to the airport.

Moreover, experienced investors have recently been purchasing units in Tuen Mun's industrial area, in the hopes of selling them off at a higher price when these infrastructures are completed.