Average rent per square foot in first 50 properties increased slightly by 0.6%

Under the continuous influence of the Sino-US trade war and the storm of amendments, residential rents and property prices have fallen

According to data from the Real Estate Research Department of Ricard Court, in November 2019, the weighted average floor space of 50 index housing estates in Hong Kong was reported at RMB 36.05, which was another 1% decrease from October’s RMB 36.40. The nine-month low since the beginning of this month, as of the first 11 months of this year, the cumulative increase in rents has further narrowed to about 0.6%.

As soon as possible after the Lunar New Year

Chen Haichao, head of the Real Estate Research Department of Ricardo Court, pointed out that since the peak of rents in July this year, due to the impact of the amendments and the off-season, the trend of rents has continued to fall for 4 months. It is expected that the market will continue to decline, and it will not wait until the Lunar New Year. There is a chance of improvement.

In terms of leasing transactions, according to statistics from Ricardo Court, the leasing transactions of 50 index housing estates have hovered in a narrow range for 3 consecutive months. Last month, a total of 773 cases were recorded, a slight decrease of about 1% from 781 cases in October. The transaction volume of 50 index housing estates dropped by 25% last month, but the leasing transaction volume in the same period was relatively stable, which made the percentage of 50 index housing estate leases accounted for nearly 61% of the overall transaction last month, an increase of about 6.9% month-on-month.

By area, in November, the rents of the index housing estates in Hong Kong Island, Kowloon, and the New Territories fell across the board. In terms of leasing transaction volume, the index housing estates in Kowloon and the New Territories district decreased by 4% month-on-month, but the Hong Kong Island district increased by 11% month-on-month.

Annual rents may fall by 0.5%

Chen Haichao predicts that after entering the second half of the year, the market sentiment will deteriorate and the overall leasing market will be weak. Due to the near end of the year, rental activities are expected to become more sparse. It is expected that the number of leases in the 50 index housing estates this month may be further reduced to the level of about 750. As for the rent in the light months of Christmas, New Year’s Day and the lunar year, it will continue to be weak. In December, it may fall by another 1% to about 35.69 yuan, indicating that the annual rent will fall by nearly 0.5%.


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