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Home Prices Set to Rise in Hong Kong, Singapore, Australia in 2025
The transaction of second-hand houses in Hong Kong is slowing down, and the CSI has once again fallen below the 50-point threshold.
Yang Mingyi, Senior Joint Director of the research department of CRIC, pointed out that the CRIC Broker Index CSI (residential sale price) latest report is 49.36 points, a decrease of 1.79 points from last week's 51.15 points.
Over the past weekend, "The Met. Sublime II" in Hung Fuk Bridge recorded 3 transactions. There is a discrepancy in the transaction data of the top ten estates between two major agencies on weekends.
Last weekend, there were no new properties launched in the city, with most transactions involving remaining stock. The property market focus returned to the secondary market, with the top ten blue-chip estate transactions in Hong Kong reaching double-digit levels again, but Chung Yu recorded only 6 transactions over the weekend, hitting a new low in about 4 months. Asia Standard (00129.HK)'s "Hoi Du II" in Hung Shui Kiu under the Group recorded a total of 3 transactions over the weekend, including unit A09 on the 2nd floor of project 3, with a usable area of 503 square feet, transacting at 5.5741 million yuan, price per square foot 11,082; and unit B02 on the 8th floor of project 1, with a usable area of 452 square feet, transacted at 4.6899 million yuan, price per square foot 10,3
The "Hong Tower" at Kai Tak, "Sky Cascade", has sold 101 units, with upcoming launches of sea view units.
Developed in collaboration by Hang Lung Properties (00012.HK), China Overseas (00688.HK), New World Dev (00017.HK), Henderson Land Group, Empire Group, and Wheelock Properties, the "Sky Oasis" located in Kai Tak opened its new show flats for media visitation today. The developer revealed that a new batch of seaview units will be released tomorrow. Ronnie Chan, Director and General Manager of Sales (2) at Hang Lung Properties, mentioned that since the opening of the show flats at "Sky Oasis," a total of 40 units have been sold, totaling 1.55 billion yuan in cash. With sales up to date, the project has sold 101 units, totaling 4.1 billion yuan in cash, with an average price per square foot of 4,10.
Standard & Poor's expects that Hong Kong property prices will stabilize next year, raising the sales volume forecast for new projects to 0.02 million units.
Rating agency Standard & Poor's released a report stating that after a nearly 30% decline in high Hong Kong property prices in 2021, they are expected to stabilize next year. However, local developers are still struggling, mainly due to high inventory, and the recognition of residential projects purchased during the period of high land prices will further pressure profit margins. Nevertheless, Standard & Poor's believes that with the government relaxing housing market measures and interest rates trending downwards, they have revised their forecast for next year's new home sales volume to 0.02 million units. In addition, Standard & Poor's expects that the future three to four years' new supply may exceed 80% of the government's ten-year private residential supply target.
Express News | UBS Group: The larger-than-expected reduction in the most favorable interest rates of Hong Kong banks should support recent real estate transactions.
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