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Looking for evidence that housing market in HK will stay flat or go down

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  1. #711

    Join Date
    Sep 2007
    Location
    Sai Kung
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    5,844

    I am not an expert and this is something we learned during our house-hunting in SK. The property prices are definitely down by 20% and despite of some people wanting to sell their houses, they are not getting any buyers. This full house in a gated community and pool was purchased in 2012 at 17million and they tried to sell at 20 million but no takers and they have reduced the price but still no luck so now they decided to wait for 2 years before they can try to sell it again.
    The property agents I was interacting with, (on side note, these two are a rare specie, they are honest and helpful) said when the prices have gone down, the buyers don't want to buy in the hope that the prices will go down further, but who knows where is the bottom of this cycle...


  2. #712

    Join Date
    Dec 2010
    Posts
    1,522
    Quote Originally Posted by HK_Katherine:
    I think the answer to this is that the entire property market is 20% down but only foreclosed properties are forced to sell into it. Most other people are just holding and refusing to sell at the discounted rate and hoping it will recover. If there really were properties actually significantly discounted to the market price, I'm sure people would be jumping on them.
    95% of the listings online are priced well above sold/market value. Even bank valuations are still above actual market sale prices, which is just disturbing.

    Just like the new building for sale, Elize Park, the developer released their first batch of units for sale at a whooping price of 27k/sqft. Before it went on sale, the developer decided to change the sales process to tender method with the original sales price as a starting bid. There justification is that the units are worth it and they dont want to lower the valuation. Listening to the sales director justify their pricing was just cringe. I can wager less than 10% of their units will be sold unless there is a 40% commission that is returned back to the buyer. Furthermore, banks are on to these developers shady business methods and may not appraise the units to the sales price.

  3. #713

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,532

    i don't know why you guys are upset over this. capitalistic market.. if the owner is happy to lose 4~5% annually in cash cost for the hope that they can sell their property at better price in a while, its their choice to do it. Some guys like SHK are cash rich enough to hold their most expensive properties empty in the last 8 or 10 years.. its their choice..

    At some time when someone cannot hold onto the losses they will start selling.. i am sure you can also put in a low balled offer to the developer and its their choice if they want to accept it.. some might.. who knows..


  4. #714

    Join Date
    Dec 2010
    Posts
    1,522

    apparently a Taikoo shing 583sqft unit was sold for 6.4m. Price per sqft fell below 11k.

    WOOOP


  5. #715

    Join Date
    Dec 2002
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    Quote Originally Posted by D.YU:
    apparently a Taikoo shing 583sqft unit was sold for 6.4m. Price per sqft fell below 11k.

    WOOOP
    Was that Yu?

  6. #716

    Join Date
    Dec 2010
    Posts
    1,522
    Quote Originally Posted by shri:
    Was that Yu?
    I see what you did there
    shri likes this.

  7. #717

    There are no bargains/hidden gems in HK. The market is too transparent. Plenty of stubborn sellers, but they are not forced sellers.

    Follow the macro trends ie Interest rate and M2. Owning one HK property is good for the overall portfolio- it’s liquid and tax efficient. I think it’s a good time to get finances in order and bottom hunt.

    Gatts likes this.

  8. #718

  9. #719
    "The 10 major housing estates recorded zero transactions over the four-day holiday in a first since 2005......"


    Wow!!!




    https://www.thestandard.com.hk/secti...s-deals-dry-up
    orionx999 likes this.

  10. #720

    Join Date
    Dec 2012
    Posts
    586
    Quote Originally Posted by becomjapanHK:
    "The 10 major housing estates recorded zero transactions over the four-day holiday in a first since 2005......"


    Wow!!!




    https://www.thestandard.com.hk/secti...s-deals-dry-up

    I think many are waiting to see if the gov't will announce anything on Feb 28, as they may do further releasing of the 'spicy measures'
    shri likes this.

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