The successful transaction of Room E on the middle floor of Po On Court in Taikoo Shing in December, with a saleable area of 602 sq ft, featuring a two-room partition, was finalized at a price of $7.78 million, with a saleable average price of $12,924 per sq ft. The original owner purchased the unit in 2010 for $5.05 million, and after holding it for 14 years, he successfully made a profit of $2.73 million, with the unit appreciating by more than 50%. Lee Pak Tat, senior sales manager of Centaline Property's Taikoo Shing Tsz Kung Court branch, pointed out that the new buyer was a former tenant who decided to switch from being a tenant to an owner after seeing the property market pick up, boosting his confidence in buying a home.

Tuen Mun District also see active transactions

In Tuen Mun, Flat A on the lower floor of Block 3 of Tai Hing Garden Phase 2 also recorded a transaction. With a saleable area of 418 sq ft and an original asking price of $3.5 million, the flat was eventually sold for $3.3 million at a saleable price of $7,895 per sq ft. The purchaser is a soon-to-be-married tenant from outside the district. Benefiting from the successive interest rate cuts, the purchaser decided to take this opportunity to purchase a flat and start settling down.

Image source: 28hse

Investors in Fo Tan, Sha Tin

In Fo Tan, Sha Tin, the same transaction was recorded in Unit B, Lower Level, Block 1, Aloft Court, Nine Dragons Hill, at $10.5 million, with a saleable area of 958 sq ft and an average price of $10,960 per sq ft. The buyer, who was originally a tenant in the district, considered that property prices had fallen back to a reasonable range and decided to make a purchase.

Short-term speculation investment returns

There was also a case of short-term speculation in Belvedere Garden in Tsing Yi. The investor bought the flat in June this year for $3.7 million and sold it six months later for $4 million at a price of about $9,975 per square foot, making a profit of $300,000 in just six months, a rate of return of nearly 10%.

With the impact of banks' interest rate cuts and relaxation of mortgage policies, Hong Kong's property market has gradually picked up and the market atmosphere has improved significantly. More and more prospective buyers are entering the market, and investors are also reaping handsome returns within a short period of time. The future market trend deserves further attention.