Read less. Know more. Catch up on all property related news you need to know from September in five minutes:
- Hong Kong home prices fall for the first time in 29 months
- Developers are speeding up sales of units in light of vacancy tax
- Hong Kong is the city with the highest risk of a real-estate bubble
- Mortgage rates have increased
Hong Kong home prices fall for the first time in 29 months due to uncertainties and poor market sentiment
- There is a lower market sentiment due to the mortgage interest rate increases, increased supply from developers, and trade war tensions
- Hong Kong’s developers reported their first mixed weekend in five years
- Ricacorp Properties tracks 50 popular residential estates. Last month, the average price per sqft dropped 0.3% (the first fall since April 2016) and the number of transactions dropped 31% (30-month low).
- Prices fell 0.076% in August compared to July.
- Home prices on Hong Kong Island tend to drop earlier and by a larger extent. Small homes in the New Territories, which are relatively cheap, remain in large demand. (For specific questions on how this may affect your properties or different regions you have invested in, contact us at email@example.com)
Developers are speeding up sales of units in light of vacancy tax
- Hong Kong developers hold biggest weekend property sale in six months
- Some developers are offering up to 20% of discounts to some of their new developments, and others are offering free holidays and travel packages to those who purchase some of their units
- SHKP speeds up sales finishing more than half of entire year’s target within 10 weeks
Hong Kong is the city with the highest risk of a real-estate bubble
- The increase in mortgages offered by Hong Kong developers raises the risk of mortgage loan defaults. In May alone, 32.9% of mortgage deals for new flats were financed by developers.
- Nomura predicting property prices to fall by 13% in the next year
- Gaw Capital suggests that there will be a 15% housing market correction in the next year
- Hong Kong is the city most at risk of a property bubble, according to UBS Group AG
- CLSA, Nomura, Gaw Capital, Citi and UBS have now all predicted a 10%+ market correction in the next 12 months
- Centaline: Existing home prices have climbed 13% this year, and almost 487% from their 2003 trough.
Mortgage rates have increased:
- HIBOR increased for five consecutive days
- The one-month HIBOR rose to 2.169%, its highest in almost a decade and almost four times the 0.55% level it was a year ago.
- Hong Kong Monetary Authority raised its benchmark interest rate by 0.25% from 2.25% to 2.5%.
- Banks boosted their (P) prime rates, from 5% to 5.125%, the first increase since March 2006. Most banks offer P-2.75%, affecting mortgage rate to increase from 2.25% to 2.375%
- 4-bedroom house in the Peak goes for sale for HK$3.5 billion
- Up to 13,000 owners of the Housing Society’s subsidised flats can rent their spare rooms to needy families under a new scheme launched.
MyPropty is a Property Management service, handling residential property units in Hong Kong. We assist landlords in managing their properties, and provide market data and insights on the Hong Kong real estate market.
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