Real estate market
Written by: Zhang Weilun
2020-02-17 17:38
Last updated: 2020-02-17 17:38The Hong Kong Government proposed amendments to the "Fugitive Offenders Ordinance" last year, triggering a number of consecutive months of social movements since June, which have not yet subsided. Under the turbulent social situation, real estate transactions are obviously not as prosperous as before. Real Capital Analytics, a real-estate capital analysis company, pointed out that last year's property transactions totaled 15.2 billion yuan (USD ‧ the same below), down 42% year-on-year.
David Green-Morgan, Managing Director of RCA Asia Pacific, pointed out that in the face of the Sino-US trade war, the Japan-South Korea trade dispute, and the turmoil in Hong Kong's investment market due to political turmoil, the performance of large-scale Asia-Pacific cities remains satisfactory. As property transactions take a long time, it is too early to say how the pneumonia epidemic in Wuhan will affect the property market in the Asia-Pacific region.
He also pointed out that from 2017 to 2018, the Hong Kong property market had a very strong trading volume, with an annual transaction value of 25 billion U.S. dollars, but the commercial property market in Hong Kong was not as large as other cities, so the trend of strong trading was unsustainable. . However, since June last year, there have been continued social movements in Hong Kong, which has led to a slowdown in economic growth and a large number of transactions, so Hong Kong's investment activities will be lower than its long-term average. However, in the foreseeable future, Hong Kong will still be the city with the highest property prices in the world.
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