March property prices soared 2.3% again

The commercial market is hot. According to the report issued by the Bureau of Estimates of Compensation, the latest office price index in March this year reported 532.5 points, a sharp increase of 2.3% month-on-month, hitting a new record high, and the Grade A commercial building price surged 3.5% month-on-month.

A-store climbed 6.2% in the first quarter

According to the data released by the Office of Estimates of Estimates, the office price index for March was 532.5 points, up from 520.6 points in February. It rose by 2.3% month-on-month and was expected to be the largest increase in more than one year. It also rose for 8 months, with a cumulative increase of 10%.

As for the first quarter of this year, office property prices recorded a 3.6% increase.

According to different types of commercial buildings, Grade A commercial buildings rose the fastest in recent months and recorded a 3.5% increase in March. Calculated in the first quarter of this year, it was a cumulative increase of 6.2%, clearly outperforming the market. In the same period, Grade B and Category C commercial buildings recorded increases of 1.9% and 2.1% respectively.

As a matter of fact, commercial building prices have repeatedly hit a record high. Earlier, the 33rd floor of the Far Eastern Financial Centre in Admiralty was traded for 660 million yuan. The price was as high as 61,000 yuan, setting a new high for commercial buildings in Hong Kong. The whole floor has also been sold for more than $700 million. The sale price has reached as high as $44,000, setting a new high for the building.

As regards rents for commercial buildings, the rent index for March was reported at 246.3 points, up by 0.8% month-on-month, and only rose by 0.1% in the first quarter of this year. The increase in rents clearly underperformed property prices.

According to different districts, the rental indices of commercial buildings in Wan Chai, Causeway Bay and Tsim Sha Tsui all recorded an increase. The Wan Chai and Causeway Bay districts increased by 1.3% month-on-month, while the Tsim Sha Tsui district increased by 1.2% month-on-month.