- Kathleen Magramo
Hong Kong home prices to increase in the second quarter as buyers return amid easing social tensions
Hong Kong property prices are expected to bounce back in the second quarter amid rising sales of new flats, according to Centaline Surveyors.
Louis Chan Wing-kit, vice-chairman for Asia-Pacific at Centaline Surveyors, said property prices could bounce back by 5 per cent in the second quarter from its lowest point last year, as buyers take advantage of low interest rates and gradual easing of the social unrest.
“Home prices went on a roller-coaster ride last year,” Chan said, noting that net price gain in Hong Kong was 4 per cent in 2019. Residential prices fell 6 per cent in the second half as demand weakened because of the violent anti-government protests, after rising more than 10 per cent in the first six months of last year, according to Centaline.
Chan said that so far in January, 1,130 transactions have been concluded, mostly because of strong sales at Sun Hung Kai Properties’ Wetland Seasons Park. The number of deals is nearly 70 per cent more than the 675 signed in December, but far short of the 2,197 reached in January 2019.