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Written by: Wang Jieen
2020-10-06 13:13
Last update date: 2020-10-06 13:13
In 2017, the government regularized the "White Form Home Ownership Second Market Plan" (Bai Ju 2), and the quota for the White Home 2 market has been increased to 4,500 in this phase.
The Open University of Hong Kong announced today (6th) the results of the "Housing Housing Public Price Index" to track the transaction prices of the second market of HOS housing (unpaid land price transactions).
It was found that after the government launched the White House 2 Project in 2013, the "Housing Housing Open Price Index" increased by 116.28% in seven years, which means that the price of second-hand HOS housing has approximately doubled, outperforming the private market.
The Open University stated that they will update the "Housing Housing Public Price Index" every month to provide an index of property prices outside the private market as a reference indicator.
The Open University today announced the research results of the "Housing Housing Public Price Index" and said it will update the index every month to provide an index of property prices outside the private market.
(Photo by Zheng Zifeng)
The "Housing Ownership Public Price Index" tracks the transactions of local HOS flats in the secondary market to reflect changes in the price of local HOS flats in the secondary market.
The team tracked the data of the past 15 years and selected the 50 home ownership housing estates with the highest transaction volume in the second market as component housing estates, including Tin Shing Court, Bauhinia Gardens, Caiyi Garden, etc., and analyzed the square feet of each component housing estate. Estimate the monthly market value of housing estates and compare them with the monthly market value of the base month to compile the "Housing Housing Public Price Index."
Property price increases outperform private housing
It was found that after the government launched the White House 2 Project in 2013, the "Housing Ownership Public Price Index" rose 116.28% from January 2013 to June this year, which means that the price increase of related housing estates approximately doubled.
In contrast, the Central Plains City Index (CCI), which represents the private market, only rose by 51.39%.
The price is more fixed than the private market
They pointed out that from January 2006 to June 2020, subsidized housing and private market housing prices have been rising, but subsidized housing prices have increased more significantly than in the private market.
The study compared the data from January to December 2008 of the financial crisis, and found that the "Housing Housing Public Price Index" only dropped by 0.88%, with little change, but the CCI dropped by 19.57%.
Ma Yiu-chung, assistant professor and researcher of the Faculty of Humanities and Social Sciences of the Open University, said, "People used to think that buying a HOS flat is not stable...but our findings are not."
They calculated that if the interbank interest rate drops by 1%, the "Housing Ownership Public Price Index" will rise by 5.88% after the launch of Baiju II, which is similar to the index of CCI and the Rating and Valuation Department, reflecting consumer behavior in the second market and private individuals. The market is similar.
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