First-half property sales volume in Peak, Southen district climbs

Business | 14 Jul 2020 6:58 pm

Centaline said the second-hand property sales volume in Peak and Southern district in the first half of 2020 has increased by 2.7 percent year-on-year, while the sum of transactions has slid by 33.1 percent to HK$7.66 billion.

Centaline Property principal sales director Louis Ho Siu-tong said that the pandemic has affected both buyer and owner’s willingness in housing review in the first half of the year.

However, Ho said that the developer will accelerate in launching their new projects after the pandemic has stabilized, and mainland purchasing power can also be resumed.

He added that the low-interest-rate environment caused by the implementation of quantitative easing in various countries could continue to favor the property market, in which buyers and investors are expected to actively enter the market and increase their holdings of property assets in the second half of 2020.

Ho predicted that trading volume in the first-hand market of Peak and Southen district in the second half of the year will increase by 20 percent to 30 percent, while the second-hand market trading volume rose by 30 to 40 percent with prices fluctuated by 5 to 8 percent.

In the leasing market, Ho pointed out that the business environment has deteriorated in the second half of the year, and some overseas multinational companies have withdrawn from Hong Kong. Ho expected the transaction of the rental market will fall by 20 percent, and the rent will be reduced by 15 to 20 percent.

But, Ho believed that it is just a short period of volatility, which he was still confident in the rental market in that area.

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