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Oct 2022: Property Foreclosures & Rents Up (in some areas)

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  1. #1

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    Oct 2022: Property Foreclosures & Rents Up (in some areas)

    A few data points in this article...

    1) Foreclosures:

    According to Centaline Property, properties being offered for sale at auction reached 209 yesterday - 11 more than last month.

    The current number has also exceeded the 200 level for the first time since November 2009.

    On the pattern of foreclosures, it was noted too that in 2008 the number jumped to over 300 from about 200 cases within half a year.
    2) Rentals up in some areas:

    But arrivals of skilled personnel from the mainland boosted rents of top-line homes in Hong Kong during the third quarter, a study by estate agency Savills shows.

    Savills said luxury rents on Hong Kong Island showed 1.2-percent growth while in Kowloon and the New Territories the rises were 1.9 percent and 0.5 percent respectively.

    The residential leasing report revealed too that professionals from the mainland prefer a traditional style of home, resulting in rents in Happy Valley and Jardine's Lookout climbing 3.2 percent quarter-on-quarter while in Southside there was a 1.9-percent increase.

    Elsewhere, rents around Ho Man Tin and Kowloon Tong grew 2.2 percent compared with the previous quarter while in Tsim Sha Tsui and Hung Hom the increase was 1.8 percent.

    https://www.thestandard.com.hk/secti...tion/2/246373/

  2. #2

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    Seems reasonable that rents go up slightly and prices go down, in other words, yields must go up..


  3. #3

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    Might be temporary, eventually both might fall with detereorating economy keeping yield pretty much same where it was.. Oh wait, new 'talents' will go crazy about extra stamp duty reimburesment in future and flood the market to snap up all the supplies pushing everything higher back to where it was, All is well..


  4. #4

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    Quote Originally Posted by shri:
    The residential leasing report revealed too that professionals from the mainland prefer a traditional style of home, resulting in rents in Happy Valley and Jardine's Lookout climbing 3.2 percent quarter-on-quarter while in Southside there was a 1.9-percent increase.
    I wonder what a "traditional style of home" in HK is. Does that mean ceramic tile flooring, marble walls, 6500K lighting, and chandeliers with golden cherubs?
    markranson likes this.

  5. #5

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    Quote Originally Posted by jgl:
    I wonder what a "traditional style of home" in HK is. Does that mean ceramic tile flooring, marble walls, 6500K lighting, and chandeliers with golden cherubs?
    Low rises?

  6. #6

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    I would guess 'Traditional Style' is a literal translation from sister Singtao, it could simply mean old buildings with decent size and more importantly layout/structure of the apartment (i.e. Proper size rooms and kitchen unlike 7 x 7 box room and 3 x 4 awkward kitchen in modern buildings)..

    shri likes this.

  7. #7

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    lets wait for the foreclosure snowball to roll big! 200 is way too low with all things considered.


  8. #8

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    Quote Originally Posted by ndt:
    I would guess 'Traditional Style' is a literal translation from sister Singtao, it could simply mean old buildings with decent size and more importantly layout/structure of the apartment (i.e. Proper size rooms and kitchen unlike 7 x 7 box room and 3 x 4 awkward kitchen in modern buildings)..
    I haven't found the Chinese original but a similar article in Wen Wei Po places the word traditional in front of luxury rents.

    That is, the biggest increases are coming from the so-called traditional luxury areas, e.g., Happy Valley, Mid-Levels, etc.