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HONG KONG, Sept 30 — While months of Hong Kong protests have scared away tourists, sent jitters across the financial centre and cast a dark cloud over the local economy, there’s one thing residents of the city are confident they can bank on — sky-high property prices. Hong Kong Gets Real on Property Prices With a Nudge From Beijing By . The cheapest cities for buying residential property were Istanbul, Ho Chi Minh City, and Bangkok. And with the current social unrest, "there are less and less (mainland) buyers in Hong Kong," said Tsang. ... Hong Kong Property Market Monitor - May 2019 Share: Continued trade tensions between the US and China appear to be affecting the office market in Hong Kong as leasing demand and rental growth remain relatively muted. Hong Kong Property Prices in 2019 Looking at real price levels, the average price per square meter was around USD 22,507 in April 2019. Some Chinese investors have even reduced the amount of money they allocate for overseas property purchases due to Beijing's tight capital outflow regulations. "We are surrounded globally, a lot of bad news in terms of economy. Los Angeles and New York also made the top ten. ... house price inflation in global cities is likely to slow down in the coming years. Property market trends. High density apartment blocks in the central district of Hong Kong. Jeong added that last years numbers were driven by first-hand sales. Housing prices in Hong Kong could fall as much as 10% this year from an estimated 3% rise in 2018, says David Ji, head of greater China research at Knight Frank in Hong Kong. The 2019 Hong Kong District Council election, the first poll since the beginning of the protests, had been billed as a "referendum" on the government. In a bid to restore confidence, Hong Kong's leader Carrie Lam introduced a series of housing policies last week to address some housing concerns. Looking at the rise of luxury homes in 2019 H2. "Hong Kong property share prices have corrected by about 15 to 25 percent since July," said Raymond Cheng, head of Hong Kong and China property at CGS-CIMB Securities International. Housing Index in Hong Kong averaged 87.27 points from 1994 until 2020, reaching an all time high of 185.31 points in August of 2018 and a record low of 31.34 points in May of 2003. Hong Kong already holds the mantle of the world's least-affordable property market and this will make even basic apartments the preserve of the rich. Since then, our hypothesis has been shown to be largely November 2019 The most negative forecast is for prices to fall by 10 per cent, but most analysts believe a single-digit drop is most likely. Hong Kong Property Sold Price. You are looking at Property Prices Index by country 2019. HK$10.5m in property maintenance costs, gov’t says by Jennifer Creery 22:09, 7 November 2019 23:45, 31 March 2020 Print HONG KONG – Home prices in the city will probably drop 15 percent by the end of 2019, according to Jones Lang LaSalle Inc (JLL). Properties for sale in Hong Kong SAR from Savills, world leading estate agents. Check latest transaction history, actual transacted price, popular districts and estates total transaction number, average price per square foot and other property details. Properties for sale in Hong Kong SAR from Savills, world leading estate agents. We want to hear from you. Hong Kong has been repeatedly ranked as the most expensive place to own a home. China’s average residential property prices are forecast to rise 5 percent in 2019 from a year earlier, up sharply from a gain of just 0.5 percent expected in the previous survey in December, according to the poll of 17 property analysts and economists. "In the past 10 years, there has been a lot of (mainland Chinese) purchasers who entered into the Hong Kong market, but it has slowed down in the last two years because of the currency control," said Tsang. * Rental Incl. © 2021 CNBC LLC. supply do impact housing prices in Hong Kong, the GDP, typified by the Hang Seng Index (HSI), is a much more powerful indicator for measuring and forecasting the housing price trend. The decline could go even deeper – to as much as 25 percent – should the ongoing trade standoff between China and the US endures. September 13, 2019, 7:00 PM EDT Updated on ... Office prices in Hong Kong … Property Market Statistics Hong Kong Property Review Monthly Supplement (January 2021) (pdf) Entire Data Series. An Overview of New Housing Projects in 2020. Collier's head of valuation says it will be unlikely for the sky high prices of properties to drop, because the fundamental issue with Hong Kong's property market is a lack of supply and imbalance of supply and demand. Land prices in Hong Kong soared 30% in the last 5 years, according to Collier's Jeong. : Rental Inclusive (including management fee and government rate) The above rental or sale information is provided by the hong kong property agency Landscope Real Estate Services Ltd or its sister companies, a premier real estate agent specializing in realty, residential property for rent and sale in Hong Kong. Sign up for free newsletters and get more CNBC delivered to your inbox. Get the latest Hong Kong property market trends, insights, analysis, forecasts and news on real estate sales, rental and leasing transactions and information on squarefoot.com.hk. Housing prices in Hong Kong could fall as much as 10% this year from an estimated 3% rise in 2018, says David Ji, head of greater China research at Knight Frank in Hong Kong. According to the report, the average price of a home in Hong Kong in 2019 is more than $1.2 million. Hong Kong Property Prices in 2019 Looking at real price levels, the average price per square meter was around USD 22,507 in April 2019. Rents are also expected to decline but at a slower pace with supply and demand more balanced, according to the report from the Royal Institution of Chartered Surveyors. That directly translates into the prices paid by customers, she pointed out. Meanwhile, Barcelona, Dublin, and Shanghai were seeing the most rapid growth in house prices, CBRE said. Data is a real-time snapshot *Data is delayed at least 15 minutes. Foreword (pdf) Overview (pdf) Commentary On Private Developments. January 30, 2019 - Hong Kong. It's a snapshot of the current indices at a specific point in time. A reason to protest He said there's no indication of a rosy future for the Hong Kong housing market. Hong Kong Property Hunters Grab Bargains in Wake of Protests By . When adjusted for inflation, residential property prices increased 2.38% y-o-y in 2019. The Centa-City Index (CCI), a property price index typically used to track monthly secondary private residential property prices in Hong Kong, has a base value of 100 points fixed at July 1997 prices. Hong Kong’s property market has been in limbo since 2017 and international real estate companies like JLL believe that prices will decrease by as much as 10% to 15% in 2020. Looking at the rise of luxury homes in 2019 H2. The Hong Kong property market is affected by three factors: the performance of the "internal economy," the state of the global economy and the political stability in the city. ... Property prices in The Harbourside are now 10.6% compared to January 2019. Year-on-year rental growth was the highest in Portuguese capital Lisbon, where prices were growing by more than 20%. Shawna Kwan, September 19, 2019, 12:00 PM … On top of all that, he said, Hong Kong is "currently under a severe situation, whereby we have never experienced before. A reason to protest "In Colliers, our valuation inquiries for residential mortgage financing purposes increased 5% after the policy address compared to the previous month," she said, referring to Lam's speech last week. The pandemic measures in Hong Kong have aggravated its preexisting economic problems. Foreword (pdf) Overview (pdf) Commentary On Private Developments. But they only fell 0.8% month on month in June, according to data from Knight Frank. High demand and short supply have driven property prices to "unaffordable" levels in recent years, with the territory planning to build an $80 billion artificial island to help fix the crisis. But in 2020, she said the secondary market could drive those numbers, given the relaxation of loan-to-value ratio policies and a low interest rate environment. "Housing is always one of our major issues. But they only fell 0.8% month on month in June, according to data from Knight Frank. "In 2018, the housing market price was on the lower side. A Division of NBCUniversal. We also found that historically, it leads mass market house prices by 3 to 6 months. Chicago's commercial real estate values posted the worst performance of all major cities in 2019, The Wall Street Journal reported, even falling behind protest-stricken Hong Kong. Asia property sales are booming in general, but nowhere more prominantly than the Hong Kong market. Reversal of home price expectations among respondents; Young singletons aspiring for home ownership Citi Hong Kong announced today the results of its survey on residential property ownership in Hong Kong for Q1 2019. Get this delivered to your inbox, and more info about our products and services. Despite what one often hears about Hong Kong property prices spiralling upwards, the total amount of mortgage in the entire banking system is only HK$1.4 trillion (S$243.5 billion). Read more>> Vanke Takes in HK$7.9B From Share Sale * Rental Incl. Housing Index in Hong Kong decreased to 173.95 points in October from 174.40 points in September of 2020. Private Domestic - Average Rents by Class (from 1982) Private Domestic - Average Prices by Class (from 1982) Private Domestic - Rental Indices by Class (Territory-wide) (from 1979) Lily Chow, a 32-year-old clerk, is among the lucky ones. Lily Chow, a 32-year-old clerk, is among the lucky ones. These are related to issues such as extremely-high property prices, a high degree of control by big businesses for the entire Hong Kong, as well as a general lack of upward mobility for Hong Kong young people. Published Thursday, real estate firm CBRE's fifth annual Global Living report analyzed property markets across 35 cities. All Rights Reserved. Hong Kong's property prices may continue to fall in 2019 Slowing Chinese buyer demand and rising mortgage rates will drive down prices. But Tsang said there may not be as many Chinese buyers now as before. Amid the biggest political crisis Hong Kong has seen in over two decades, the world's most expensive housing market is "not looking good," Joseph Tsang, chairman of Hong Kong business at JLL told CNBC. 64-year-old who left the U.S. for a Mexico beach town: 'How I retire on just... Best cash-back credit cards with no annual fee of 2021. Housing Index in Hong Kong averaged 87.27 points from 1994 until 2020, reaching an all time high of 185.31 points in August of 2018 and a record low of 31.34 points in May of 2003. Download our latest snapshot of the Hong Kong office, residential, retail and industrial property markets. And despite the worst protests since Hong Kong reverted to China rule, property prices have hardly budged. Mar 11th 2019. by THE DATA TEAM A DECADE AGO a ... prices have doubled; in Hong Kong they have trebled. Asia dominated the list of the world's most expensive property markets. The decline could go even deeper – to as much as 25 percent – should the ongoing trade standoff between China and the US endures. "We expect increasing interest rates to be affecting cities in the U.S., and various cooling measures (to be) affecting the Asia Pacific region. A CBRE Group report in April found that the city has the highest average home price at US$1.2 million, as well as the highest average prime property price at … Our social stability is now under threat, we think it is going to affect a lot of psychology and (local buyers') purchasing decisions.". ... Hong Kong Property Market Monitor - February 2019 … More than 2.94 million votes were cast for a turnout rate of 71.2%, up from 1.45 million and 47% from the previous election. "Every Hong Kong citizen and his family will no longer have to be troubled by or pre-occupied with the housing problem," Lam said during her annual policy speech on Wednesday. Chicago's commercial real estate values posted the worst performance of all major cities in 2019, The Wall Street Journal reported, even falling behind protest-stricken Hong Kong. The average rent of residential apartments in 107 major real estate firms in Hong Kong fell to HK$37.5 (US$4.79) per square foot in August from a historical high of HK$37.9 per square foot in July, according to data compiled by the research department of the Centaline Property Agency on September 10. London, named the eighth most expensive city for buying a home, was Europe's priciest city, according to CBRE. Prices have grown strongly for over a decade, except for a brief slump in 2016 due to the mortgage rate hike. Based on government rating and valuation department data, property valuations grew 10% between December and May. Latest Hong Kong property market news, including property outlook and Hong Kong real estate news. Hong Kong home prices rose for a second consecutive month in February, providing further evidence that the property correction is over. These indices are historical and they are published periodically. due to Beijing's tight capital outflow regulations. From country estates to city apartments, your ideal property is just a click away. ", Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, © 2021 CNBC LLC. Show the Hong Kong Property transaction in details with … Hong Kong, ... of the list from 14th place in 2019. Prices have grown strongly for over a decade, except for a brief slump in 2016 due to the mortgage rate hike. According to the report, the average price of a home in Hong Kong in 2019 is more than $1.2 million. The pandemic measures in Hong Kong have aggravated its preexisting economic problems. Hong Kong property agency boss arrested after allegedly selling derelict US homes at inflated prices by FactWire 08:00, 14 January 2019 22:37, 31 March 2020 Print Hong Kong held its position as the most expensive city for the fifth consecutive year, while Singapore came in second and Shanghai was ranked third. Fri 12 Jul 2019 01.00 EDT. The investment bank also revised its estimate for 2019 Hong Kong property price growth to 2% from 10%. And despite the worst protests since Hong Kong reverted to China rule, property prices have hardly budged. Chinese demand to drive Hong Kong's real estate recovery. Hong Kong Property Review 2020; Hong Kong Property Review 2020 Contents. From country estates to city apartments, your ideal property is just a click away. Vancouver – where the average home costs $815,322 – was the most expensive North American city and the fourth most expensive place in the world to buy a home, according to the data. The Asian financial hub has an average living space of about 13 square meters per person in 2018 — or an area smaller than the size of two standard bathtubs laid out side by side. Looking at the current state of Hong Kong's economy, the global economy and the political situation, real estate executive says Hong Kong's housing market is "not looking good.". HONG KONG – Home prices in the city will probably drop 15 percent by the end of 2019, according to Jones Lang LaSalle Inc (JLL). The overall price index of pre-owned homes increased at a much faster pace of 1.3 per cent to 365.2 in February, according to data … That's not going to help," he added citing the global slowdown triggered by the U.S.-China trade war, trade disputes between the U.S. and Europe, Brexit and a slowing Chinese economy. Demand is not driven by foreign buyers, mostly domestic needs, said the JLL Hong Kong chairman. View property transaction data and the average property price in Hong Kong. Few analysts think prices will drop very far. Hong Kong property prices unlikely to see major drop despite slowdown, experts say Published Thu, Oct 24 2019 8:30 PM EDT Updated Thu, Oct 24 2019 … Hong Kong real estate values have increased six-fold since 2003 and it only saw a decline of -3.6% in 2016. The Centa-City Index (CCI), a property price index typically used to track monthly secondary private residential property prices in Hong Kong, has a base value of 100 points fixed at July 1997 prices. Will property prices fall in Hong Kong? Download our latest snapshot of the Hong Kong office, residential, retail and industrial property markets. People have a lot of cash in Hong Kong, and people were waiting for the right opportunity," said Jeong. Fading demand for office space in Hong Kong led to the Grade A office occupier market contracting for the third consecutive month in January. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Analyzing the Asian financial hub's internal economy, Tsang said: "We can be certain, Hong Kong will suffer from the past five months of instability.". Property market trends. Instead, she said, "they will be able to have their own home in Hong Kong — a city in which we all have a share.". Shawna Kwan. This is slightly more than 10 per cent of the entire cash deposits of HK$13.6 trillion residing in the banking system. Many economists and businessmen point out that among the issues fueling the protests, one major underlying problem could be the difficulty of owning a home. A stimulus package of 19 billion Hong Kong dollars (about 2.4 billion U.S. dollars) is to be injected into the Hong Kong economy. But don't expect sky high property prices to drop, she cautioned — because the fundamental issue with Hong Kong's property market is a lack of supply as compared with demand. ... “Reclamation is unavoidable,” Hong Kong’s leader, ... helping it stay more competitive than Hong Kong in terms of commercial and residential property prices. JLL's Tsang agreed. All Rights Reserved. That was almost twice as much as Singapore’s average of around USD 11,442. That was almost twice as much as Singapore’s average of around USD 11,442. Singapore beats out Hong Kong for property investment ... 1 for real estate investment prospects in terms of price increases in 2020. HONG KONG, Sept 30 — While months of Hong Kong protests have scared away tourists, sent jitters across the financial centre and cast a dark cloud over the local economy, there’s one thing residents of the city are confident they can bank on — sky-high property prices. On a quarterly basis, house prices dropped 3.96% in Q3 2019. House prices down 5.37% during Q3 2019. Hong Kong Property Review 2020; Hong Kong Property Review 2020 Contents. Hong Kong’s residential property price index rose by 5.31% during 2019, a sharp improvement from the prior year’s 1.9% growth, according to the Ratings and Valuation Department (RVD). "In general, we are seeing house price growth slow across our cities as we move towards the end of a long property cycle," Jennet Siebrits, head of residential research at CBRE UK, said in a press release Thursday. ... Property prices in The Harbourside are now 10.6% compared to January 2019. "As for prices, Hong Kong residential prices dropped for the first time in 2019. Uncertain Outlook. Young people are finding it frustrating for buying their own house and to be successful," said Tsang, chairman of Hong Kong business at the commercial real estate services firm. Hong Kong's housing market boom is now over, with residential property prices falling by 5.37% during the year to Q3 2019, in stark contrast to a y-o-y rise of 11.28% in Q3 2018. Faced with the headwinds, property developers are growing skittish. We foresee, over next year, another 10 to 15 corrections downwards," said Tsang. If current trade tensions between the United States and China worsen, and the stock market continues to slide, prices in Hong Kong’s costly housing market will fall at least 15 percent in 2019, according to JLL forecasts.. When it came to the rental market, the most expensive city was New York, where the average monthly price of rent hit $2,844. High density apartment blocks in the central district of Hong Kong. A Division of NBC Universal, The budget breakdown of a 29-year-old nanny earning $175,000 in NYC and Georgia. In the long run, Lam's new policies may give developers a boost and offer some help for purchasers, said Hannah Jeong, head of valuation and advisory services at global commercial real estate services firm Colliers. What does that mean? The cheapest cities for renting a property, meanwhile, were Bangkok, Istanbul and Montreal, although data was unavailable for five cities. "In 2020, we expect that the mass residential market will maintain its upward trend of 5% to 8% while the luxury market will be adjust slightly downwards," she said. (AFP pic) HONG KONG: For young Hong Kongers like Wilson Leung getting a foothold on the city’s property … Chinese demand to drive Hong Kong's real estate recovery. : Rental Inclusive (including management fee and government rate) The above rental or sale information is provided by the hong kong property agency Landscope Real Estate Services Ltd or its sister companies, a premier real estate agent specializing in realty, residential property for rent and sale in Hong Kong. Hong Kong has retained its crown as the priciest destination in the world to buy a property, with an average price of US1.25million. Potential buyers in the U.K. capital are looking at an average house price of $646,973 in 2019. Mass protests over a now-nixed extradition bill started in June, and has since evolved into a broader anti-government movement that has often led to violent clashes. The most negative forecast is for prices to fall by 10 per cent, but most analysts believe a single-digit drop is most likely. Abu Dhabi and Hong Kong were the next most expensive areas for renters, both with average monthly rental costs of more than $2,700. Housing Index in Hong Kong decreased to 173.95 points in October from 174.40 points in September of 2020. Residential property prices and sales in Hong Kong are expected to slow over the next year as buyer demand falls, according to propertywire.com.. Got a confidential news tip? The average rent of residential apartments in 107 major real estate firms in Hong Kong fell to HK$37.5 (US$4.79) per square foot in August from a historical high of HK$37.9 per square foot in July, according to data compiled by the research department of the Centaline Property Agency on September 10. Hong Kong's property prices may continue to fall in 2019 Slowing Chinese buyer demand and rising mortgage rates will drive down prices. Few analysts think prices will drop very far. Morgan Stanley predicted a 10% decline in an index of existing house prices through March next year from the peak in June. The Chinese cities of Shenzhen and Beijing were also named among the ten costliest cities for home buyers, ranked in fifth and ninth place respectively. after factoring in construction cost and a 20 per cent profit margin, which would price a 1,000 sq ft flat at HK$30 million. An Overview of New Housing Projects in 2020. The active players in the Hong Kong property market are mostly locals because foreign buyers think prices are too high in comparison to properties back home, he added. It creates a lot of anxiety in society. Hong Kong has been repeatedly ranked as the most expensive place to own a home, about 13 square meters per person in 2018 —. The report by CBRE offers an insight to the global housing market and features 38 cities from around the world, including the likes of Shanghai, Paris, New York, Tokyo, London and Madrid. September 19, 2019, 12:00 PM EDT 4:29. after factoring in construction cost and a 20 per cent profit margin, which would price a 1,000 sq ft flat at HK$30 million. "As for prices, Hong Kong residential prices dropped for the first time in 2019. Hong Kong is the most expensive city in the world for those looking to buy a home, new research showed. Hong Kong protesters rack up ‘enormous’ vandalism repair bill incl. Mainland Chinese have often been blamed for snapping up Hong Kong properties and driving up prices in the territory. Hong Kong, a former British colony that returned to Chinese rule in 1997, has been mired in months of unrest. According to the report, the average price of a home in Hong Kong in 2019 is more than $1.2 million. "Looking ahead, not looking good. British colony that returned to Chinese rule in 1997, has been repeatedly as! 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