Property Market Review | The annual transaction volume of the top ten housing estates fell by 18.4%, hitting a 17-year historical low. Only one housing estate saw an increase in property prices.
Centaline Real Estate’s top ten housing estates recorded 118 transactions in December, falling for two consecutive months, with a decrease of 4.1% this month. Throughout the year, Centaline Real Estate’s top ten housing estates recorded a total of 1,869 transactions, down 18.4% year-on-year, setting a record low since records began in 2006. Property prices fell almost across the board, with the exception of South Horizons, which did not fall but rose.
As for the number of property viewings on weekends, 381 bookings were recorded this weekend, an increase of 7% on a weekly basis. During the three-day New Year holiday, 505 bookings were recorded. The atmosphere for property viewings increased steadily. Chen Yongjie, President of the Residential Department of Centaline Real Estate, said that the second-hand transaction volume of the property market this year has been unsatisfactory. Trading has continued to be quiet since the first quarter. The government also began to introduce different measures to reduce the heat in the fourth quarter to rescue the market. However, the results will take time. He hopes that the government will continue to reduce the risk next year. It’s really spicy. With interest rates at their peak, if the United States starts to cut interest rates, there is a great chance that the Hong Kong property market will turn around. It is expected that transaction volume will be the first to appear in the first quarter of next year.
Taikoo Shing’s transaction volume decreased by 8.3% year-on-year this year
On Hong Kong Island, Centaline Properties Taikoo Shing District senior regional sales director Zhao Hongyun said that Taikoo Shing temporarily recorded 15 transactions this month, a decrease of 31.8% month-on-month, and a total of 233 transactions were recorded throughout the year, a decrease of 8.3% year-on-year. The average practical square footage The price was last quoted at 15,037 yuan, down 6.1% from the same period last year. Taikoo Shing’s trading volume first rose and then fell this year, with only about 10 transactions recorded in the past three months. Towards the end of the year, the government’s introduction of rescue measures such as “reducing hot spots” and “waiving taxes first and then levying taxes” for professionals will help boost trading. Looking forward to next year, the property market will steadily rebound. In the first New Year after the epidemic, many citizens went out to travel. The atmosphere for property viewing in Taikoo Shing was average over the weekend. 28 bookings were recorded for property viewing with an asking price of NT$17,600 per square foot, which was similar to last week. During the three-day New Year’s Day holiday, a total of 45 bookings were made for property viewing.
Kornhill Garden trading deadlocked, transaction volume fell 50% month-on-month
Yang Wenjie, chief divisional sales manager of Centaline Real Estate Kornhill Kangan Street Branch, said that the secondary market in Kornyi Garden continued to be in a stalemate. There were 3 transactions recorded this month, a decrease of 50% month-on-month. There were 124 transactions recorded throughout the year, an increase of 4.2% year-on-year. , of which more than half of the month recorded single-digit transactions. It is expected that the transaction volume will continue to be quiet in the last two days of 2023. Kornhill Garden recorded 30 sets of reservations for property inspection this weekend, which is the same as the week. For three consecutive days of holidays, 45 sets of reservations were recorded. The practical asking price per square foot also remained at NT$13,800. .
Laguna City records single-digit transaction volume for 6 months
In Kowloon, Centaline Properties Laguna City district sales manager Hong Jinxing said that Laguna City only recorded 4 transactions this month, a month-on-month drop of more than 60%. Among the 12 months this year, housing estates only recorded single-digit transaction volume in 6 months, and the transaction volume was quiet. For the whole year, 142 transactions were recorded, a decrease of 11.3% from last year, and the average practical price per square foot was last reported at 11,085 yuan. , recording a year-on-year decrease of 9%, hitting a 7-year low. The second-hand trading atmosphere is quiet, and with the strong festive atmosphere, the number of property inspections in the district this weekend is also mediocre. The number of property inspections in Laguna City this weekend remained at 40 sets, and 45 sets were recorded during the three-day New Year holiday. The practical bidding price per square foot increased again. Reduced to 12,200 yuan.
Whampoa Garden’s annual transaction volume hit a seven-and-a-half-year low
Yuan Xian’an, regional business manager of Centaline Real Estate Huangpu Branch No. 2, said that Huangpu Garden recorded 19 transactions this month, a rebound of more than 5 times from the 3 transactions in the previous month, setting a 9-month high. A total of 194 transactions were recorded throughout the year. It fell 11% year-on-year, and the average practical square foot price was last at NT$12,240, also down 11.5% year-on-year, hitting a 7-and-a-half-year low. This reflects that the transaction volume of housing estates has dropped this year, and property prices have returned to 2016. In terms of property viewing volume, the number of property viewings in Whampoa Gardens has been reduced to 30 bookings this weekend, and 35 bookings have been made during the 3-day New Year holiday. The practical asking price per square foot remains at NT$14,500, and second-hand transactions are expected to be average.
Shatin City One’s annual transaction volume hits record low
In the New Territories, Wu Kam-kee, deputy regional sales manager of Centaline Properties Shatin City One Branch, said that Shatin City One recorded 11 transactions this month, which was similar to the 12 transactions recorded last month. There were approximately 218 transactions recorded throughout the year, year-on-year. It dropped 38%, hitting a new low on record. The average practical price per square foot was about NT$12,471, down another 4.8% from the previous month. Nowadays, buyers are mainly entering the market at low market prices. Owners need to further expand their bargaining space before they can take over the housing estates. About 50 sets of property inspections were recorded this weekend, with no increase or decrease compared with last week. At the end of the year, many buyers and owners traveled abroad, and the atmosphere for property inspections was mediocre. It is expected that the transaction volume will remain low in the short term.
There is a tug of war in the sale and purchase of Kingswood Villas. Few owners are willing to cut the price.
Ng Yiu-chu, deputy regional sales director of Centaline Properties Tin Shui Wai, said that new projects in the same area were sold at low prices and the sales volume was strong. In addition, the Christmas and New Year period at the end of the year was the traditional off-season for the property market. The transaction volume of Kingswood Villas further declined in December, with 18 transactions recorded. The transaction volume dropped 35.7% from November. The average practical price per square foot in December was 8,297 yuan, which was the same as the previous month. However, it has been “8” for 5 consecutive months, hitting a low in nearly 7 years. Summarizing the whole year, a total of 288 sales transactions were recorded in 2023, a decrease of 20.7% compared to 363 cases in 2022. The average price per square foot fell by approximately 14% year-on-year, and compared with the peak in 2021, the decrease was as much as 29%. As the market is still filled with many uncertainties, the overall willingness and confidence to enter the market is currently low. Not many owners of Kingswood Villas are willing to sell at a bargain price, and buyers are only willing to enter the market at a low price. Therefore, there is a tug of war in transactions. Voting is sluggish. In terms of the number of apartment inspections, 70 apartment inspections were booked in housing estates this weekend, and 90 apartment inspections were recorded on weekends and the three-day New Year’s Day holiday. The attitude of the owners has not changed significantly, and the practical asking price per square foot has remained at about NT$9,000. Looking forward to 2024, there is a big opportunity for the United States to start cutting interest rates, the property market is expected to stabilize, and it is expected that transaction volume will be the first to usher in the Indian Summer.
The original article was published on AM730
2023-12-30 00:58:55
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