Hong Kong mass residential capital values down 2.7% in November | Real Estate Asia
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Hong Kong mass residential capital values down 2.7% in November

It was a steeper decline compared to the 1.9% drop the previous month.

Hong Kong’s housing market is still mired in a downcycle with volume in the primary market shrinking and discounts to asking prices in the secondary market becoming deeper. 

In November, data from JLL revealed the transaction volume in the primary and secondary market dropped to 365 units and 2,366 units respectively, totalling 2,731 units, a 13.2% m-o-m decline.

Here’s more from JLL:

Home prices declined at an accelerating rate, with some blue-chip estates experiencing the deepest slump. Mass residential capital values dropped by 2.7% m-o-m in November, following a decline of 1.9% in the previous month. 

Primary projects have launched at a slower pace, and among those launched in November, sales performances were weak. 'Bondlane I' in Cheung Sha Wan sold 7 out of 30 units on the first day of the project launch. Meanwhile, 'CHILL RESIDENCE' in Yau Tong offloaded only 10 out of 128 units on the first day. 

Among notable luxury sales transactions, a house at 'OVERBAYS' in Repulse Bay was sold for HKD 430.0 million or HKD 95,556 per sq ft, GFA. 

A residential site (IL 9069) at Sai Ning Street and Victoria Road in Kennedy Town was awarded to Grand Harvest (HK) Development for HKD 439 million or HKD 9,500 per sq ft, AV. Another residential site, KCTL 515 at Lai Kong Street in Kwai Chung, was awarded to CITIC Pacific for HKD 1.1 billion or HKD 4,390 per sq ft, AV.

 

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