Ascent into the city “locomotive" property prices in 18 months soared 26% 431 sq ft unit touted the New Territories fares of 11,300
In Hong Kong, property prices have been “growing more and more," with the price index for private developments up 18 months and a record high. Among the various types of flats, the most prominent are the units with a size of less than 431 square feet, 26% and outperforming the broader market. If districts are divided by districts, the performance of the fine households in the New Territories will be the highest standard. The average price per square foot will rise by about 27.3% at a price of about $ 13,000, driving up the rally in the broader market.
According to the Rating and Valuation Department’s data, the selling price index of private apartments in September rose 340 points in a row in 18 months, a rise of about 25.27%. In the ascending period, the selling price of private apartments in the territory dropped by 431 square feet. The most prominent rise, the latest reported 376 points, plunged 26.13%, higher than the overall increase in property prices, can be described as outperforming the market.
September selling price index 340 points
For small and medium-sized households with an area ranging from 432 to 752 square feet, they are now followed by 323.2 points at present, an increase of 25.07% over the period, ranking the second in the increase rate. As for large and medium-sized flats ranging from 753 to 1075 square feet, With a cumulative increase of 20.37%, ranking third. In addition, medium-sized and large-sized flats ranging from 1076 to 1721 square feet were 15.83% up during the period, which was the smallest increase among all sizes.
Kowloon small foot price 12,227 yuan
If districts are divided by districts, the price increase of fine flats in the New Territories will be the most prominent. The latest average price per square foot of fine flats in the New Territories will be 11,351 yuan, up 27.3% from March 2016, at an average price of 8,914 yuan. As for Kowloon The increase in the number of fine households followed the latest average of $ 12,227 per square foot, up 26.9% over the last March’s price of $ 9,635. The current average retail price per square foot for Hong Kong Island is $ 14,857, 11,864 yuan, an increase of 25.2%.
Small units in strong demand
Some market participants pointed out that in recent years, many new flats put on sale are mainly subdivided into fine flats, and the property in the New Territories mainly directly drives the increase in property prices. Coupled with the fact that property prices in the New Territories are still lower than those on Hong Kong Island and Kowloon, With a certain catch-up space, so that property prices rose more than the remaining two districts.
According to economist Cheuk Cheuk, property prices have been rising steadily in recent years. Some unproperty individuals have become impatient and worried that “the later they are bought, the more expensive they buy". As a result, they have put home real estate projects ahead of schedule. In addition, a group of parents and mothers are emerging in the market to help young children On the train, due to the high property prices, the admission fee for the fine units is relatively low, some of the selling prices are less than 4 million yuan. Coupled with the developers to meet market demand, Sales of similar types of property strong atmosphere.
Lam Hau-wen, Knight Frank’s senior director and head of valuation and consultancy, expects the increase in smaller units to continue for some time. The current market sentiment is still on the rise. The purchasing power mainly comes from wage earners and self-employed people, and the investment ratio is still at a low level.
However, he reminded that although there are currently no major factors that could cause property prices to plummet during the year, the current high level of property prices has exceeded the affordability of some people and poses a certain risk to the residential property market.
The expected increase will continue
However, the rental rents have also been pushed up further. According to the information provided by the CFA, the rent index for private buildings has risen for 10 months, the latest at 186.5, up 8.4% over November 2016’s 172, Also a record high level. Similarly, in terms of unit area, the performance of the fine units is still the most prominent and the increase also outperformed the market. The situation is as dazzling as the price index.
The rent index also recorded an increase
Among them, those with an area of less than 431 sq ft reported an increase of 9.4% in latest issue of 206.7 sq ft, higher than the overall rental growth. However, the latter followed a large unit of 1076 sq ft to 1721 sq ft, up 160.1, up 9.2%. As for large and medium-sized flats ranging from 753 to 1075 square feet, the figure was an increase of 8.8% in September from 163.2 in September, while luxury flats of 1,722 square feet or above have consistently had their own rents high and few able-to- market tenants in the market , Currently at 147.4, up 4.4% during the period.