Midland Realty's Chief Executive Officer (Hong Kong and Macau), Mr Bo Siu Ming, said that with the end of the year approaching, developers are slowing down the pace of property launches and property prices continue to fall, attracting a number of users to go on the hunt, hoping to find their favourite properties at low prices.
However, the difference in asking prices between buyers and sellers has led to a tug-of-war in transactions for the time being. It is expected that there will be no breakthrough in transactions before the end of the year, with a narrow range of upward and downward movements, while property prices are expected to continue to consolidate.
Midland Property recorded 10 second-hand transactions over the weekend, flat week-on-week.
Centaline Property recorded 10 transactions over the weekend, up 11.1% week-on-week.
Centaline Property Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Mr Chan Wing-kit, said the relaxation of the Mainland's epidemic prevention measures had spurred the market to expect normal customs clearance between the Mainland and Hong Kong to resume next year, and buyers were out looking for good deals to take advantage of the long Christmas holiday to enter the market.
On the other hand, Ricacorp recorded 11 second-hand transactions over the weekend, down 8% week-on-week, but holding a double-digit level for the fifth consecutive week.
According to Mr Liu Weiqiang, President of Ricacorp Properties, the secondary property market has remained stable recently, with a lack of concrete and clear positive news to drive the market, instead, unfavourable factors such as the rising epidemic and interest rate hike still exist.
He expects that with the long Christmas and New Year holidays approaching, many people are planning to travel outside of Hong Kong, which will reduce the enthusiasm of both buyers and sellers, and some buyers are waiting for the interest rate hike in the US and Hong Kong this week, which will continue to slow down the pace of transactions.
Hong Kong Land's Chief Executive Officer, Mr Ma Tai-yang, said the performance of transactions was relatively poor as the US Federal Reserve's interest rate hike haze persisted and a shortage of properties in various districts began to emerge, coupled with a tug-of-war between buyers and sellers over asking prices.
The bank recorded seven transactions over the weekend, down more than 46% week-on-week.
On the new property front, the new property market was dominated by surplus stock as developers slowed down their launches.
The Shun Tak-led development of Kwun Tong Kai Wo Hui tendered for sale a flat M on 55/F, Block 2, measuring 880 sq ft with a 724 sq ft roof and 3 partitions, for about $20.8 million at a price of about $23,636 per square foot.
One Inovale-Cabanna in Fanling North, a subsidiary of Henderson Land, sold 3 units yesterday for about $15.25 million.
