Hong Kong's private home prices
fell for a fourth straight month in August to a fresh eight-year low,
data from the Rating and Valuation Department showed.
The residential property price index in August dropped by 1.7 percent to 292.1 from a month earlier, the data showed.
By falling 5.65 percent in four
months, the decline has offset the gains made following the removal of
all housing curbs on the primary market in February, and hit a new low
in roughly eight years.
To put the decline in context, the index last month was 26.6 percent below the record high of 398.1 points set in 2021.
Small to medium-sized units less
than 100 square meters in size saw their prices decline by 1.7 percent
from July and about 13 percent from a year ago. And large flats more 100
square meters recorded a drop of 1.3 percent compared to July and a
year-on-year decrease of 8.8 percent.
However, the rental market in the city maintained its bullish momentum.
The rental index rose for a sixth
consecutive month to 201.8 points, up 1.2 percent from the previous
month and 7 percent form a year ago to a nearly five-year high since
September 2019.
The rental index has grown by 6.2 percent in the first eight months of the year.
A real estate consultancy predicts
home prices in the city will drop 8 percent this year and slightly
recover by 3 percent next year if the US maintains its expected pace of
interest rate cuts.
Sixty-six percent or 970 of the 1,465 second-hand residential home transactions in August were profitable.
But the number of profitable deals
fell by 0.3 percentage points month-on-month and for a second
consecutive month to a nearly three-month low, according to the Land
Registry and another real estate agency.
The real estate agency predicts the
average profitable deals ratio in the secondary market will further
drop in near future as low-price strategies implemented by developers on
new projects drag prices lower in the market.
However, it expects the positive impact of interest rate cuts in the city will boost the market as soon next month.
(The Standard)
New Yuen Long flats are the cheapest in 10 years
The Parkland in Yuen Long,
developed by Lai Sun Development (0488) launched its first price list
yesterday, offering 50 new flats with units starting from as little as
HK$2.43 million.
The discounted average price also
came down to as low as HK$9,278 per square foot, levels last seen nearly
10 years ago in the area.
In 2015, New World Development
(0017) rolled out the first batch of The Parkhill involving 50 flats
with a discounted average price of HK$9,807 per sq ft while Domus of
Paliburg (0617) set a price of HK$2.39 million for checks.
The two projects are both located in Yuen Long.
Lai Sun's senior vice president
Julian Poon Yui-man said the project's price is "highly attractive" and
cheaper than any other project in the same area or the entire new homes
market.
Poon said Lai Sun has developed multiple projects and will not calculate the profits of a single project.
"It is hard to say whether you will lose money or not in business," he said
The land price of the project is more than HK$4,000 per sq ft while construction costs were over HK$5,000 per sq ft.
The Parkland will open for sale as early as next week.
In other news, Swire Properties (1972) announced a new development named The Headland Residences yesterday.
The Chai Wan project offers a total
of 850 flats, with home types spanning one- to four-bedroom units with
sizes ranging from 400 to 2900 sq ft, as well as two special units.
Director of residential business Adrian To Wai-yip expects to receive
the first occupation license in 2025.
(The Standard)
Hong Kong home rents surge to near record highs as flat prices sink further
A seasonal influx of renters and bets on further declines in home prices are driving the trends, analysts say
Residential rents
in Hong Kong jumped to the fourth-highest level on record last month
while prices for lived-in homes slumped to an eight-year low, due to a
seasonal influx of renters and bets that home prices will fall further,
according to analysts.
The official index
of residential rents in the city rose 1.13 per cent to 197.5 in August
from July’s reading of 195.3, according to data released by the Rating
and Valuation Department on Thursday. Rents have surged 6.8 per cent
from a year earlier.
Meanwhile,
secondary home prices in August sank 1.72 per cent month on month to an
index reading of 292.1, the fourth straight monthly decline and the
lowest reading since the gauge hit 287.6 in August 2016. Lived-in home
prices have dropped 13.32 per cent year on year and 6.17 per cent since
the end of 2023.
The figures do not
reflect the market’s reaction to the half-point reductions in interest
rates made last week by the US Federal Reserve and the Hong Kong
Monetary Authority. Given that more policy easing is in the offing, home
prices are likely to stabilise and rents are expected to moderate over
the short to medium term, according to a property consultancy.
Still, another property agency estimates rents will increase by 9 per cent this year, propelling the index to a record.
So far this year,
rents have risen by 6.18 per cent. The August reading is the
fourth-highest on record, just 2.6 points or 1.29 per cent below a
historic high of 200.1 in August 2019, and also just shy of July 2019’s
198.3 and October 2018’s 197.6.
Seasonal trends play a role in the rent increases, according to an agent.
“The summer period
typically sees a rise in accommodation demand as incoming non-local
university students prepare for the new academic year,” the agent said.
“Some developers have even adjusted their strategies, shifting from
sales to leasing in order to capture strong rental demand.”
For example,
Henderson Land put 20 studio and one-bedroom units up for lease at
Baker’s Circle in Hung Hom in August for HK$14,000 (US$1,800) and
HK$19,000, respectively.
“In the medium
term, the surge in residential rents may moderate as end users who are
currently renting choose to purchase their own properties and developers
convert more units from sale to rent, thereby increasing the supply of
rental accommodation,” the agent said.
The surge in rents
in August came amid the slowest home sales in Hong Kong since a series
of property cooling measures were lifted in February.
Home sales slipped
for the fourth consecutive month to 3,654 units in August, a 1.9 per
cent decrease from July and a six-month low since 2,375 were sold in
February. The value amounted to HK$28.47 billion, a 20 per cent slump
from HK$35.7 billion in July.
“With developers
offering more incentives and attractive pricing [on new homes], pressure
is mounting on the secondary residential market,” another agent said.
“With the US Federal Reserve rate cut, major banks in Hong Kong reduced
the prime rate, which may provide support for the market.”
On the other hand,
with the inventory of new flats still increasing, any upside on home
prices is likely to be limited, the agent said.
As of July, Hong
Kong developers had 22,300 unsold residential units, about 1.7 per cent
more than the 21,900 they had at the end of 2023, according to another
property agency.
Home prices are likely to fall by another 1 per cent this month, another agent said.
(South China Morning Post)
灣仔會展廣場辦公大樓1.3億易手 每呎造價1.63萬 重返13年前水平
商廈市場繼續吹淡風，灣仔指標甲廈會展廣場辦公大樓新錄1宗買賣，一個海景單位以近1.3億易手，平均每呎1.63萬，較高位回落逾50%，造價重返2011年水平。
上址為會展廣場辦公大樓中高層7至9室，建築面積7952方呎，以1.296億易手，平均每呎1.63萬易手，物業位處中高層，飽覽海景，屬大廈優質單位，同類型單位2019年高峰期呎價普遍逾3.5萬，是次呎價較高位回落逾50%，造價重返2011年水平。
持貨17年升值逾26%
原業主於2007年以1.02422億購入單位，持貨17年，帳面獲利約2717.8萬，物業升值逾26%。
市場人士透露，由於商廈單位向來沿用建築面積，並沒有標準計算方法，該單位再對上一手業主，將建築面積改為9000方呎，放盤買賣或出租均以「發水」後的面積計算，實用率則由71%跌至62.7%。不過，在早年土地註冊文件，仍然沿用原有面積。若果以面積9000方呎計算，今番成交呎價為1.44萬。
單位面積「增加」，表面上令單位叫座，不過，此舉動影響日後買賣，更令後來業主坐失高位套現的機會，該單位多年前曾以2.94億易手，平均每呎3.27萬 (以面積9000方呎計算)，不過，買家隨後發現單位實用率較其他單位低，隨即取消交易。
屬中高層海景戶
該商廈一個低層07室單位，建築面積約1184方呎，近日以每方呎15794元易手，涉資1891萬，物業交吉交易。
該單位由內地機構持有自用多年，由於早前購入價每呎約6400元，涉資757.76萬，帳面獲利1133萬，物業升值約1.5倍。
(星島日報)
更多會展廣場辦公大樓寫字樓出售樓盤資訊請參閱：會展廣場辦公大樓寫字樓出售
更多灣仔區甲級寫字樓出售樓盤資訊請參閱：灣仔區甲級寫字樓出售
觀塘海濱道135號宏基資本大廈頂樓27及28樓兩層，連8個私家車位，由宏基資本持有，每層面積各約12029方呎，總建築面積約24058方呎，現以部分交吉及連約出售，意向價1.8億，平均呎價約7480元。
部分連約出售
有代理表示，物業為最頂兩層優質戶，業主持有10多年首度公開放售，望維港及郵輪碼頭景，間隔方正實用，該廈大堂獨特，電視台經常到此拍攝取景，大廈距牛頭角港鐵站僅5分鐘步程。
區內近期頻錄全層成交，今年7月，俊匯中心28及29樓連天台，以1.33億易手；今年9月，敬業街41號雲訊廣場兩層樓面，以2.05萬易手。
(星島日報)
更多宏基資本大廈寫字樓出售樓盤資訊請參閱：宏基資本大廈寫字樓出售
更多雲訊廣場寫字樓出售樓盤資訊請參閱：雲訊廣場寫字樓出售
更多觀塘區甲級寫字樓出售樓盤資訊請參閱：觀塘區甲級寫字樓出售
寫字樓面臨挑戰 租金未見底
寫字樓需求是經濟脈搏的直接反映,如今宏觀經濟形勢仍然充滿不確定性，近年來不少企業選擇縮減辦公空間，擴張的公司卻寥寥可數，過往香港IPO (首次公開招股) 市場暢旺,尚可帶動寫字樓需求，然而這一情況已經發生顯著變化。
根據CBI發布的《香港IPO新股及上市申請- 2024年上半年洞察及回顧》報告，「2024年上半年，香港IPO市場以中小型新股主導，公司估值較上年同期低27%，只有約131億港元，期內有114家公司申請上市，按年下跌13%，IPO市場延續疲弱氣氛。」
此外，隨着內地與香港的經濟合作日益增强，兩地經濟亦相互牽動，由於現時內地經濟發展放緩，營商環境不穩，導致來港設辦事處的中資企業減少，繼而影響香港寫字樓需求；而早前美國眾議院通過了至少25項關於限制中國在經濟、政治及科技領域的法案，不禁使人擔憂中美地緣政治挑戰或會對香港作為國際金融中心的地位造成影響。
另一方面，辦公模式的轉變亦為寫字樓市場帶來挑戰。經歷疫情後，不少公司已具備讓員工在家辦公的經驗及技術支援能力，在不影響工作效率的情況下，筆者相信未來會有更多僱主推行居家辦公，有關數字將繼續增加；同時，自由座位
(Hot Desk)
辦公模式也在興起，即員工可以自由選擇座位，輪流共用辦公桌，據了解，一些外資地產代理公司已經取消了固定座位，採取混合辦公及hot
desk模式，這樣一來公司毋須配置一對一的辦公桌數量，便能滿足員工辦公需求，從而可租用更小的辦公室以降低運營成本。另外，東南亞及內地相對廉價的勞動力也在吸引機構將部分工作外判，進一步導致租用面積的減少。
差餉物業估價署《香港物業報告2024》中指出，截至2023年底，本港私人寫字樓空置率升至14.9%，空置量則按年升逾5%至196萬平方米。整體私人寫字樓空置率維持在雙位數同時，近兩年還陸續有新的商業樓面供應，報告中預測2024及2025年的私人寫字樓落成總量達29.2萬平方米，中西區將成為新落成甲級寫字樓的主要供應地區，落成量分別佔預計總供應量的43%和40%。
有本港代理行數據資料顯示，截至2024年8月29日，港島十大甲級商廈放租的總樓面面積超過124萬平方呎，庫存累積加新供應，市場人士認為目前寫字樓市場租金仍未見底，租客議價空間將進一步增大，或會吸引部分企業趁低進行升級搬遷及洽談更長租約期。
減息對樓市影響 有待觀察
美國聯儲局於9月19日宣布降息半厘，是近四年以來首次，隨後，金管局將貼現窗基本利率下調50基點，降至5.25厘，本地眾多銀行亦跟隨減息步伐，將現行最優惠利率
(P)
水平，由年利率5.875厘調低至5.625厘。市場人士認為減息對樓市的正面影響毋庸置疑，但市場需要時間來消化這一變化，其具體影響仍有待觀察。
(經濟日報)
