Secondary home sales hit four-week high

Business | Eurus Yiu 15 Jun 2020

Hong Kong's secondary homes market hit a four-week high with 22 deals in 10 major housing estates over the weekend, rising 37.5 percent week-on-week, benefiting from the low-interest-rate environment after the US Federal Reserve kept interest rates near zero, said Midland Realty.

A 213-square-foot apartment in Tin Lai Court in Tin Shui Wai fetched HK$3.08 million, or HK$14,460 per sq ft, the highest selling price in nearly a year, according to Many Wells Property Agent.

Tai Koo Shing has recorded around 10 second-hand transactions so far this month at an average selling price of HK$20,916 per sq ft, similar to last month, said Centaline Property Agency. However, a 695-sq-ft flat with a terrace only sold for HK$11.5 million, or HK$16,547 per sq ft, HK$1.3 million cheaper than the asking price.

Kerry Properties (0683) sold two houses in luxury The Bloomsway in Tuen Mun recently for around HK$81 million. The luxury project reported 13 transactions so far this month, and the developer is expected to have pocketed around HK$580 million from these sales.

Centaline Asia-Pacific residential chief executive Louis Chan Wing-kit explained that there were not many new home projects launched over the weekend, and this boosted secondary deals in housing estates.

In the commercial market, the vacancy rate of Grade A office buildings in Central rose to a seven-year high of 5.05 percent in May and is expected to rise further, according to Centaline Commercial.

Meanwhile, overall prices of industrial buildings in May rebounded for the second consecutive month, rising 0.6 percent month-on-month, but rents fell 1.1 percent, according to the Midland IC&I (0459).

The agency expects that the implementation of the national security law, the beginning of the process of abolishing Hong Kong's special status by the United States, and the continuous social unrest will bring uncertainties to the market.

 

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