Hong Kong Property Secondary Market Improves

Posted on 22 January, 2021 | By Property852

Purchasing power has slowly returned to the Hong Kong property secondary market due to a low supply of private housing.

Landlords have offered lower prices on Hong Kong apartments as buyers look for property investment as well as to live in themselves. This discount has caused a surge of income for the main housing estates. Quarry Bay based housing estate  Taikoo Shing experienced four transactions in one day. Shatin housing estate City One also saw an improvement with three units sold in one day. 

It is reprted that the secondary market housing estates have experienced regular flat viewing numbers and that trading is stable. These conditions should hold until Chinese New Year.

Of the four Taikoo Shing properties that were sold in one day, all were at market rate and all were for the purchaser to reside in themselves rather than for investment purposes.

City One in Shatin experienced three sales in one day. A 307 square foot high-rise with two-bedroom unit in block 36 at City One, Shatin, was sold for HKD 5.55 million, or HKD 18,078 per square foot, which was at market level.

Also, a 284 square foot high-rise with two-bedroom unit in block 45 was sold for HKD 5.38 million, or HKD 18,943 per square feet. Similarly four apartments were sold in Kingswood Villas in Tin Shui Wai during the long weekend. A high rise two bedroom unit of 449 square feet in block 12 was sold for HKD 5.1 million, or HKD 11,369 per square feet. The buyer was a first-time homeowner.

A buyer from another district has bought a Hong Kong apartment site unseen in Locwood Court. The two bedroom apartment with two living rooms attached was in block 5. With a floor area of 449 square feet, it sold for HKD 4.9 million, or HKD 10,913 per square feet, which was around market level.

Mei Foo Sun Chuen in Lai Chi Kok saw a series of similar sales. A 657  square foot three bedroom apartment situated in Humbert Street phase 5 was also sold for HKD 8.28 million, or HKD 12,557 per square foot. The sale price is around 5% less than market price.

An 814 square foot three bedroom Hong Kong apartment at Sausalito in Ma On Shan that is situated beneath a supposedly haunted apartment, was sold for HKD 10 million, whish iss 10% below market price.

A 594 square foot Hong Kong apartment at tower 7 in Tseung Kwan O  called Le Point, was sold for HKD 8.8 million, or HKD 14,815 per square foot. This is believed to be the cheapest sale for the estate in three years.

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