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South China Morning Post
15-04-2025
- Business
- South China Morning Post
Hong Kong's first-quarter home purchase forfeitures drop in boost for market sentiment
Wavering sentiment in Hong Kong's residential property market appears to have stabilised, as prices have declined far enough to persuade more buyers to follow through with their commitments, according to one of the city's largest networks of sales agents. Advertisement Forfeitures of deposits, a proxy for homebuyers' confidence, declined to 83 cases in the first three months of this year, a 20 per cent drop from the 104 cases in the last quarter of 2024, according to Centaline. The figure fell 47 per cent year on year, the agency said. Confidence was bolstered by a policy last year by the Hong Kong Monetary Authority (HKMA) to relax mortgage requirements for buyers of in-progress flats, which reduced the risk that the buyers would forego the initial deposits placed at the peak of the market, said Yeung Ming-yee, a senior associate director at Centaline. The policy, introduced in December, was a one-off scheme to allow buyers who had bought under-construction homes during the market peak to pay in stages, thus easing their financial burden. Under the plan, banks may lend up to 80 per cent the value of the homes, while the debt-servicing ratio is adjusted to 60 per cent from 50 per cent. Potential buyers at the sales office of State Pavilia project developed by New World Development at K11 Atelier in North Point on February 15. Photo: Edmond So The scheme covered uncompleted homes for self-occupation sold between January 1, 2021 and December 31, 2023, where the buyer had paid more than the valuation for the property.
South China Morning Post
10-03-2025
- Business
- South China Morning Post
Hong Kong rents hit 5½-year high as demand surges post-holiday season
Rents in Hong Kong hit a five-and-a-half-year high in February amid an increase in demand after a lull during the holiday season, according to Centaline Property Agency, which expects rents to continue rising as economic uncertainty discourages more people from buying homes. Advertisement Centaline's widely followed Centa-City Rental Index, published on Monday, rose 0.46 per cent month on month to 123.97, bringing the overall increase in the first two months of the year to 0.65 per cent. It was the highest level since 125.70 in September 2019 and it also crossed last year's high of 123.94 in August, the data showed. The current levels 'indicate that the traditional rental market slowdown from Christmas to Lunar New Year has ended, and market sentiment has improved', said Yeung Ming-yee, a senior associate director at Centaline. 'Strong housing demand, combined with a shortage of rental listings, could gradually push rents higher.' Yeung said that the third quarter, which coincides with the start of the new college academic year, was typically the peak season for rentals. The index was likely to challenge the all-time high of 128.01 recorded in August 2018, he added. Advertisement Rents in Kowloon jumped 1.84 per cent month on month in February, the most in eight months and hit the highest level in nearly five and a half years. In New Territories West, rents rose 0.43 per cent to match the highest level seen in September 2018.
South China Morning Post
04-03-2025
- Business
- South China Morning Post
Hong Kong property sales fall to 5-month low; buyers spooked by US-China tension: agencies
Hong Kong real-estate sales fell to their lowest point in five months in February, reflecting caution among homebuyers and investors amid increasing tensions between Washington and Beijing, according to property agencies. Advertisement Sales of homes, office units, shops , car parking spaces and industrial spaces declined by 13 per cent to 4,295 deals from a month earlier, according to Centaline Property Agency, as their total value dropped 23.1 per cent to HK$28.24 billion (US$3.63 billion). In September, 3,843 deals were recorded with a value of HK$27.66 billion. 'This reflects the wait-and-see mood in the property market before US President Trump took office in January,' said Yeung Ming-yee, a senior associate director in the research department at Centaline. 'In addition, many citizens travelled abroad during the long Lunar New Year holiday and postponed entering the market.' Midland Realty estimated that 4,303 units changed hands in February. Data from its website also showed that transaction value was likely HK$27.52 billion, the lowest point in a year. If official data confirms the trend, February would be the third consecutive month in which property deals have fallen since hitting a seven-month high of 7,689 transactions and a total value of HK$64.1 billion in November. Advertisement On Thursday, Trump said Washington would levy an additional 10 per cent in tariffs on all Chinese imports, effectively doubling the 10 per cent that was implemented on February 4.
