Kowloon New Territories new flat price gap narrowed to 14%
the price difference between small and medium-sized residential buildings of 752 square feet or less on Hong Kong Island and the new type of new ones in the New Territories have been 90 in the past five years. % significantly narrowed to 79%.
Analysed from the data obtained from the Economic Property Bank (EPRC), the price difference between the new flats for small and medium-sized residential properties in Kowloon and the similar new flats in the New Territories has narrowed from 35% to 14% in the past five years.
New residential supply mainly comes from the New Territories
In this regard, Ma Anping, head of the research department of Jones Lang LaSalle, commented that one of the reasons is that the new supply of residential buildings in the past five years mainly came from the New Territories. First-time home buyers switched to the primary market, bringing more purchasing power to the new sector in the New Territories. The development and expansion of non-traditional core business districts will also help drive demand for new markets in the New Territories and further boost property prices in the New Territories. According to the statistics of the Census and Statistics Department, the number of households and new flats in Sai Kung have increased by 7% and 23% respectively since 2014. This was mainly due to the development of the commercial districts in Hong Kong Island East and Kowloon East. Tseung Kwan O in the two districts immediately became a popular residential area.