Media
\nOutReach<\/a>\u00a0– 8 June 2021 – <\/b>Global real estate services firm
\nCushman & Wakefield publishes Hong Kong Residential Markets Review and
\nForecast 2021 Q2 today. Steady economic recovery, declining unemployment rate
\nand stabilizing pandemic situation, have contributed to significant growth in the
\nHong Kong property market in Q2, particularly for the residential market. Residential
\ntransaction has hit a nine-year high in the first half of 2021. Home prices are
\nexpected to return to their peak in Q3 at a level before COVID outbreak and social
\nevents. Resumption of China-Hong Kong travel in the second half of 2021 is expected
\nto bring in mainland buyers, providing more favourable conditions for an overall
\nrecovery of the local property market.<\/p>\n
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In the first two-month period of 2021 Q2, the overall total Sales and Purchase
\nAgreements (S&Ps) stood at 18,590 cases. Combining an estimated 9,500 cases
\nin June brings the quarterly transactions to 28,090 cases, an increase of 37% y-o-y or
\n20% q-o-q. Residential transactions rose by 20% q-o-q to 21,709 cases, resulting
\nin a total of 39,840 cases in the first half of 2021, the highest since 2012 and
\na nine-year record.<\/p>\n
Mr. <\/b>Keith Chan<\/b>, Cushman & Wakefield’s Director, Head of Research, Hong Kong,\u00a0<\/b>mentions, “The
\neconomy of Hong Kong <\/span>shows early signs of<\/span> picking up with a growth of 7.9% y-o-y in Q1,
\nand has twisted a six-quarter contraction. With an improving labour market where
\nthe unemployment rate lowered to 6.4%, and the fourth wave of COVID outbreak
\nunder control, the housing market sentiment has turned warm with home prices in
\nApril rose by 4.1% y-o-y. Residential transactions in the first four months of 2021
\nwere dominated by secondary sales which took up 81%, up from 74% in 2020. This number
\nhas returned to the traditional secondary to primary sales ratio of 80 to 20%.”<\/span><\/p>\n
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<\/p>\n
According to the analysis of Mr. Edgar Lai, <\/b>Cushman
\n& Wakefield’s Director, Valuation and Advisory Services, Hong Kong<\/b>, both mass
\nresidential and luxury residential markets show similar trends. The average
\nprices of housing estates in multiple districts have increased by over 10% to date
\nsince this year. Take City One Shatin as an example, the average price has increased
\nby 5.4% in Q2, over 10% since this year, and recorded “five consecutive rises”
\nwith the average price nearing its peak of June 2019. The average price of
\nTaikoo Shing has also increased by 5.7% q-o-q and is expected to record a 15.3%
\nincrease by the end of June. The luxury home market has also rebounded, with
\nBel-Air rising by 9.3% in Q2. This upward trend is expected to continue.<\/p>\n
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<\/p>\n
As for private housing supply in the future, a
\nmore reasonable number of about 19,100 new units per year are expected in the
\npipeline in the next two years. While slightly above the average annual supply
\nof 14,300 units in the past ten years, the number is still low compared to the
\naverage of 26,600 units from 1991 to 2000. <\/p>\n
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<\/p>\n
Mr. Alva To, Cushman & Wakefield’s Vice President,
\nGreater China & Head of Consulting, Greater China,<\/b> commented, “Residential
\ntransactions in Q2 were brisk with upsurge in both volume and prices. The tight
\nsupply of new residential properties was a favourable contributor, but the
\nsupport chiefly came from the better-than-expected economic growth, persistent
\nlow interest rates, easing of the pandemic, and further reduction of unemployment
\nrate therefore unleashing purchase power. Looking ahead, we expect that with
\nthe resumption of cross-border travels in the second half of this year,
\nmainland buyers will inject momentum into local property sales. The residential
\nmarket will remain active in the second half of this year, with room for a 5%
\nrise in price, or 10% for the whole year. In Q3, it might return to its
\nhistorical peak prior to the outbreak of social events in June 2019 and the
\npandemic. Luxury residential market is likely to rise by another 5% to 10%
\nwithin this year.”<\/p>\n
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\u00a0<\/p>\n
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<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Economic recovery in Hong Kong has driven
residential transaction upsurge by 20% q-o-q, reaching a nine-year high and its
peak since 2012 New home supply over the next two years remains low
at an average of about 19,100 units per year Home prices expected to rise by 5% in the second
half of 2021 and …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/15366"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=15366"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/15366\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=15366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=15366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=15366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}