The Chief Executive of the Residential Division of Colliers International, Bu Shaoming, stated that although the Hong Kong property market did not see a rapid warming after the interest rate cut, the recent sudden introduction of a series of measures by the central government to boost the property and stock markets, along with the latest record low burden ratio for new housing supply in Hong Kong in over 8 years, and the gradual fermentation of the interest rate cut effect in the property market, it is expected that there will be a great opportunity to increase first-hand property transactions in the property market in October.
According to the Zhitong Finance APP, Bu Shaoming, Chief Executive of the Residential Division of Colliers International, stated that although the Hong Kong property market did not see a rapid warming after the interest rate cut, the recent sudden introduction of a combination of measures by the central government to boost the property and stock markets, along with the latest record low burden ratio for new housing supply in Hong Kong in over 8 years, and the gradual fermentation of the interest rate cut effect in the property market, it is expected that there will be a great opportunity to increase first-hand property transactions in the property market in October. It is estimated that first-hand property transactions will increase by more than 1.8 times to over 2,000; while second-hand property transactions are expected to slightly increase to 3,300. In terms of property prices, although the supply of new properties in the Hong Kong property market poses a significant hindrance to price performance, with the recent lively atmosphere in the stock market, it is believed that this will help accelerate price stabilization, maintaining the forecasted 8% drop in property prices for the whole year.
Bu Shaoming called for the Hong Kong government to accelerate economic recovery by suggesting the inclusion of residential properties in the scope of investment immigration again, using the 'brick culture' to attract more domestic and foreign talents and family offices to Hong Kong, supporting the accelerated recovery of the property market, which would indirectly stimulate local economic growth.