{"id":4077,"date":"2015-10-01T10:47:46","date_gmt":"2015-10-01T10:47:46","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=4077"},"modified":"2024-09-18T13:16:07","modified_gmt":"2024-09-18T06:16:07","slug":"are-we-finally-about-to-see-a-drop-in-hong-kongs-residential-prices","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/are-we-finally-about-to-see-a-drop-in-hong-kongs-residential-prices\/","title":{"rendered":"Are we finally about to see a drop in Hong Kong’s residential prices?"},"content":{"rendered":"

Sales volumes hit new lows in July<\/p>\n

\"\"
Image is by mariusz kluzniak and is used under a Creative Commons licence<\/figcaption><\/figure>\n

As Hong Kong faces plummeting declines in residential real estate volumes, experts warn that falling prices may soon be on the horizon for the city, reports the\u00a0South China Morning Post<\/a>.<\/p>\n

According to a recent\u00a0report by JLL<\/a>, sales volumes dropped by 27.8 percent month-on-month to reach a 17-month low in July, based on August data. They\u00a0attribute the falling sales levels to the lack of new launches in the primary sales market.<\/p>\n

As volumes fall, however, prices still appear to remain\u00a0resilient, growing at 1.1 percent month-on-month in August and 12.3 percent on a yearly basis.<\/p>\n

More: What will it take for Hong Kong’s property prices to drop?<\/strong><\/p>\n

Experts are projecting that such resilience could soon begin to wear, however \u2013 JP Morgan believes residential prices could fall between 5 and 10 percent in the three years to 2018 due to the slowdown marked by falling retail sales and the softening Mainland economy.<\/p>\n

\u201cRetail sales are declining and international brands are talking about network consolidation in Hong Kong,\u201d said Cusson Leung, head of conglomerates and property research at JP Morgan.<\/p>\n

\u201c2016 will be a more difficult year when compared with 2015. Home prices could see a decline,\u201d he finished.<\/p>\n

“Home price growth momentum is definitely under pressure and could see a modest decline if the situation persists,” agrees\u00a0Derek Chan, head of research at property agency Ricacorp.<\/p>\n

Visitor numbers to the city from Mainland China fell by 9.8 percent year-on-year in July and retail sales fell for the fifth consecutive month too.<\/p>\n

More: Ali Baba’s Jack Ma just bought the most expensive house in Hong Kong<\/strong><\/p>\n

One sector still going strong, however, is the ultra high end segment, as High Net Worth Individuals focus their attentions on rare finds in premium locations. For instance, a house at the Peak reportedly sold for a record HKD151,653 (USD19,500) per square foot recently, according to JLL.<\/p>\n

Developers in the luxury residential market are not overtly put off by the current turbulence either. The\u00a0South China Morning Post<\/a>\u00a0reports that K Wah International beat 12 other developers at the beginning of the month to win a residential site in Tai Po for HKD3.03 billion (USD390 million) when the market was expecting the winning bid to sit somewhere between HKD2.5-2.8 billion (USD 320-360 million).<\/p>\n","protected":false},"excerpt":{"rendered":"

Sales volumes hit new lows in July<\/p>\n","protected":false},"author":8,"featured_media":20283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[136,273],"class_list":["post-4077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hk","tag-hong-kong-sar","news_country-hk-macau","news_author-property-report"],"acf":[],"yoast_head":"\nAre we finally about to see a drop in Hong Kong's residential prices? | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/are-we-finally-about-to-see-a-drop-in-hong-kongs-residential-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are we finally about to see a drop in Hong Kong's residential prices? 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