Hong Kong property prices tumble
As a landlord trying sell your property at the moment you may be interested in some comments made in an article in the SCMP last week A Ricacorp recent survey suggest that Owners of flats in the 10 biggest private housing estatesin Hong Kong yesterday cut asking prices by an average of 3.2 per cent amid the changing global financial landscape The company’s research found thatprices fell by 7 to 10 per cent in Kornhill, Heng Fa Chuen and Sunshine Cityin Ma On Shan. In Happy Valley, Tiona Li, senior district manager of Ricacorp Properties, said the owner of a luxury flat in the area had cut the asking price by HK$1 million to HK$18 million. Jessy Ng, district manager of Ricacorp in Quarry Bay, said: “Since the beginning of this month, flat owners are no longer optimistic about the economic outlook. They are insecure and willing to cut asking prices further after the collapse of Lehman Brothers.” There were about 330 flats in Kornhill on the secondary market. Mr Ng said the average asking price had fallen by about 8 per cent since early this month. Centaline Properties contacted flat owners in Island East to ask whether they would cut their asking prices after yesterday’s stock market slump. Patrick Tsang, senior district director at Centaline Properties, said: “More than half of the flat owners in the district are willing to cut their asking prices by 5 to 10 per cent.” “We’re seeing this in Taikoo Shing, Kornhill, and also at Grand Promenade [in Sai Wan Ho].” Raymond Szeto, a manager of Hong Kong Property, said: “A flat owner in Kornhill cut his asking price by 9.79 per cent to HK$3.5 million from HK$3.88 million this morning.” At Grand Waterfront in To Kwa Wan an investor cut the asking price for a 1,239 sq ft flat from HK$10 million to HK$9.2 million, Hong Kong Property said. But despite falling prices, Mr Szeto said potential buyers were still cautious. Marco Yu, associate director at Centaline, estimated that about 3 per cent of flat owners had started cutting asking prices by 3 per cent to 5 per cent early yesterday. He said transactions had been falling significantly since the start of last month. Centaline Holdings chairman Shih Wing-ching said the Hong Kong property market was facing a correction. “The latest US financial crisis is even more serious than the Asian financial crisis in 1997 and 1998,” he said. However, he did not believe prices would drop sharply because they had not increased as much as they had before the handover in 1997. “The average property price is only 75 per cent of the peak [prices] of 1997, ” Mr Shih said. He expected property prices to drop by an average 8 per cent across the board. So as landlord how to maximize your profit? Well one way is to try and sell your property privately here on 852realestate.com we are the most visited property site in Hong Kong by far. If you put your property on this site its a free advert and you could save thousands of dollars in commissions. You maybe surprised at hoe easy it is.The only thing you really need to do is ask your solicitor for a preliminary sales and purchase agreement which could be drawn up at very little cost . Then when you have negotiated a sale you and the prospective client can sign the legal paperwork without having an agent involved.Your solicitor will then draw up the actual sales and purchase agreement. Its all relatively simple just contact your solicitor first. So if you dont have an advert with us yet perhaps you should? Landlords already with us may want to update thier property detials remember the more photos and more detailed description you put in your advert the better response you will get Login HERE
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