YOHO Town property prices fell by 10%
Due to unfavorable factors, the property market in Hong Kong continued to be quiet, with one-handed sales, and the second-hand price reductions did not diminish. YOHO Town, the blue-chip housing estate in Yuen Long District, has recently recorded a number of cases of price reductions. The current housing price has fallen by 10% or more from this year’s high. As regards the top ten housing estates, the numbers recorded by the major correspondent banks on the weekend have rebounded slightly. Two to five transactions were recorded, continuing at the low level.
YOHO Town has only recorded 1 transaction in October. Mr. Chen Zhonghao, a deputy director of the Yuen Long Estate, Yuen Long Estate, said that as many owners have offered for the price reduction, the estate has recorded 6 transactions in the first 11 days of this month. The amount has increased significantly. At present, the housing price of the estate has dropped by 10% to 12% compared with this year’s high, attracting buyers to enter the market.
Chen Zhonghao said that the low-rise F room in the housing estate has a usable area of 393 square feet and two rooms. It was recently sold for about 5.9 million yuan, and the practical price was about 151,000 yuan. The original owner bought the unit in February 2011 for 2.43 million yuan, and took advantage of the goods for more than 7 years to make a profit of 3.47 million yuan, an appreciation of 1.4 times. He continued to refer to the fact that the same type of flats cost about 6.78 million yuan this year, and the current price has dropped by about 13%.
Two rows of top ten housing estates recorded 6 transactions on weekends
It is worth mentioning that another blue-chip housing estate, Kingswood Villas, recently recorded a price tag transaction. The owner reduced 14 times in two months and sold more than $900,000. Xiangyi Real Estate said that the unit is from the middle floor of Room C of 11 Kingshuhu, with a saleable area of 551 square feet. The original price was 6.28 million yuan, and the price was reduced by 5.35 million yuan after continuous price reduction, equivalent to RMB 9710 per unit.
Entering the second weekend of this month, the top ten housing market showed signs of recovery. The Central Plains recorded 6 transactions, a five-fold increase from the previous weekend, and a 14-week high. The United States recorded 4 transactions, although it was one or more 33.3% on weekends, but it has recorded single-digit transactions for 19 consecutive weekends. In the past ten weekends, the Li Kwai Court also recorded six transactions in the top ten housing estates, which rose twice as much as the weekly. According to the statistics of Hong Kong Property Holdings as at 3 pm yesterday, the top ten housing estates recorded two transactions on the weekend, including the West Kowloon Wing and Tai Koo Shing, which was a rebound from the previous weekend.
Putting the owner’s mindset into two polarizations
Li Zhicheng, Chief Executive Officer of Hong Kong Property Management, believes that the results of the US mid-term elections have been settled, which has contributed to the stability of the investment climate in Hong Kong. He pointed out that the current enthusiasm of the owners is polarized. In some housing estates, only sporadic owners are willing to cut their prices substantially. Some of the owners are not satisfied with the price. They are considering closing the market. However, there are also some districts which have negotiated prices of up to 8%. 15%, in order to “go first," which reflects the general public’s views on the future of the property market.
Liao Weiqiang, president of Lijiage Real Estate, said that the price reduction on the market has increased, attracting users to enter the market, and stimulating the weekend’s top ten housing estates to rebound slightly. He pointed out that the current price reductions of second-hand owners are different, and the buying and selling tends to be sawing. In the past ten weekends, the Bank recorded five transactions in the New Territories, which was the most active. There was one on Hong Kong Island and no transactions were recorded in Kowloon. In addition, there are 7 estates in the bank who have “heavy eggs" on the weekend.