Centaline Property Asia Pacific's Vice Chairman and Chief Executive Officer of the Residential Division, Mr. Chan Wing Kit, said the property market has rebounded with good news such as the customs clearance between Hong Kong and China, the relaxation of anti-epidemic measures and the easing of interest rate hikes in the US.
Buyers' confidence in the market has obviously turned stronger, coupled with the earlier property prices have recorded a certain decline, buyers take advantage of the Chinese New Year before the rebound in property prices, one after another to accelerate the pace of entry, owners as long as 15 to 20% lower than the high price of property sales can be taken up, the property market is expected to have a small positive spring has become a prototype, I believe that property prices in the short term to find the bottom successfully.
Hong Kong Island blue-chip estate Kornhill recorded 5 transactions this weekend, the transaction was brisk.
Centaline Property Kornhill Hong On Street Branch Chief Division Manager Yeung Man Kit said, the weekend led to the middle floor of Block C, Room 01 transaction, saleable area of 594 square feet, building area of 752 square feet, three rooms into two rooms, elegant decoration, the initial price of $11 million, last month reduced to $9 million to attract buyers to come out to look at the property, the buyer immediately won, with 8.628 million to take over, equivalent to the saleable feet price of $14,525 The buyer took the property at $8,628,000, which is equivalent to $14,525 per square foot.
The original owner bought the property in November 2010 for $5.8 million and has held it for more than 12 years, now leaving with a profit of $2.828 million, representing a 49% appreciation in value.
The new transaction of Mei Foo Sun Chuen, one of the housing estates, continued to improve, with five transactions recorded this weekend. The initial asking price of $7 million was negotiated and then taken up by the buyer for $6.78 million, equivalent to $10,119 per square foot.
The original owner bought the flat in May 1993 for only $2.28 million and has held it for nearly 30 years, leaving the market with a substantial profit of $4.5 million on the sale, with the value of the flat nearly doubling.
As for the New Territories, Centaline Property's deputy regional sales director in Tin Shui Wai, Mr. Ng Yiu-chor, said that Kingswood Villas recorded five transactions this weekend, the strongest in the past two months, and the trading atmosphere has improved, some buyers saw that property prices in the area have settled, and decided to take advantage of the Chinese New Year to speed up the market, owners bargaining room narrowed to 1 to 5%.
The weekend's transaction included a 581 sq ft GFA, 446 sq ft saleable area, two-room apartment E in the upper floors of Block 4 of Kingwood Residence, which sold for $4.45 million after bargaining, at $9,978 per sq ft saleable area.
It is understood that the original owner bought the property in June 1995 for $1.346 million and now sold it for a profit of $3.104 million, representing a 2.3 times appreciation in value in 27 and a half years.
