As Hong Kong’s property market turns south, homeowners in the New Territories are feeling the pinch more than others, as flat prices in the area have fallen faster and as much as 16 per cent since August.
Among the area’s top five residential estates by price decline based on government data, City One Shatin is leading the pack and recorded the largest drop in the past two months. The average price for 10 transactions completed in October was HK$15,191 per square foot, 9.3 per cent down from September and 15.4 per cent from August, according to data from Ricacorp Properties.
Hong Kong real estate developer District15, together with private equity property firm Pamfleet, launched the Nate studio apartments in Tsim Sha Tsui on Friday, officially kicking off leasing of residential units in their first co-living project in Kowloon.
The sharing-economy housing project at the junction of Nathan Road and Hillwood Road is part of a 13-storey building that the local redevelopment specialist bought together with real estate investment firm Pamfleet in 2016 for around HK$600 million ($77 million).
In 2018 luxury constitutes more than just price point, and size, it is also about location, authenticity, lifestyle and design.
As an old saying goes, one man’s trash is another man’s treasure, and if ever that adage could be applied to Hong Kong real estate, it’s now. Maybe not the trash part per se, but certainly the core idea that there are as many notions of the perfect home as there are people to live in them.
Hong Kong’s two largest property agencies, Midland Realty and Centaline Property Agency, are offering “zero down payment” schemes to existing home owners in a bid to drum up sales, a move that challenges the Hong Kong Monetary Authority tightening mortgage policy, which is intended to temper soaring property prices.
mReferral Mortgage Brokerage Services, a unit of Hong Kong-listed Midland Holdings, will lend up to 130 per cent of the value of a flat, up to a maximum of HK$20 million, through financial institutions from Tuesday.
“It should be a breakthrough in Hong Kong’s mortgage lending industry,” said Sharmaine Lau Yuen-yuen, mReferral’s chief economic analyst. “We are in talks with different developers to offer this scheme for their new projects.”
Hong Kong’s top official has raised the property stamp duty for the second time in three years to tame soaring real estate prices in the world’s least affordable major city, ahead of an election campaign where housing affordability is likely to be a central issue.
Effective November 5, the stamp duty on property transactions for non-first-time buyers will be raised to 15 percent for individuals and corporate buyers, Chief Executive Leung Chun-ying said in a televised press conference in the city.