Source: Wall Street News
The private housing price index increased 1.06% month-on-month in March, and has been declining for 10 consecutive months before.
The Hong Kong property market improved markedly in the first month after the complete “removal of spiciness”.
According to the latest data from the Hong Kong Rating and Property Valuation Department (RVD), the private residential price index achieved a 1.06% month-on-month increase in March after 10 months of continuous decline.
On February 28 this year, the HKSAR Government announced the abolition of all residential property demand management measures (commonly known as “hot tricks”) from now on, meaning that all residential property transactions are no longer required to pay additional stamp duty, buyer's stamp duty, and new residential stamp duty.
Therefore, the real estate data for March can fully reflect the performance of the property market in the first month after the full “removal”.
However, some analysts believe that property market inventories have yet to be digested, putting pressure on the rebound in housing prices.
Hannah Jeong, head of Hong Kong valuation and consulting services at Colliers International Group Inc. (Colliers International Group Inc.), said that currently Hong Kong still has 20,000 completed apartments for sale and 71,000 residential units under construction for sale, all of which are at an all-time high.
editor/tolk