Sino-US relations and Hong Kong’s political events have gradually eased, and the property market is slowly recovering
Bu Shaoming, Chief Executive Officer of Midland Real Estate and Housing Department, said that although the performance of Hong Kong’s property market this year is “tiger-headed”, the year-end is expected to increase by about 3%. At the end of the year, there will be a “Little Spring” after the Lunar New Year. At that time, property prices will resume their upward trajectory, and overall property prices are expected to record an increase of about 5% throughout the year.
Bu Shaoming expects second-hand to re-dominate
In addition, Bu Shaoming is good at small and medium-sized units with a property price of less than 10 million yuan and the prospect of “super luxury” with 100 million yuan or more. It is expected that the property prices of these two types of properties will increase by more than 7% next year, both outperforming the market. As for nano-buildings with a property price of less than 4 million yuan, the market still has demand for such units, but mainly concentrated in urban areas, and the demand in the New Territories is expected to decline.
Bu Shaoming believes that the Hong Kong property market may be dominated by the second-hand market next year
It is estimated that there will be a total of 47,000 registrations, an increase of 13.8% year-on-year, a record high of nearly 6 years, involving a total amount of 380 billion yuan, which is the most in the past 10 years.
In the first-hand market, Liu Jiahui, chief analyst of Midland Realty, said that there will be more than 27,000 new supply in Hong Kong next year, with a total of 7,419 units in Tuen Mun and Yuen Long in the New Territories, but the total supply of private housing land is expected to decrease. Developers will slow down the sales pace next year, with about 18,000 first-hand transactions in the year, involving 200 billion yuan.