How much is a house price per square meter in Hong Kong? Latest data and hot spot analysis in 2024
As one of the cities with the highest housing prices in the world, Hong Kong's real estate market has always attracted much attention. This article will combine the hot topics and hot content on the Internet in the past 10 days to provide you with a detailed analysis of the latest developments in Hong Kong housing prices and provide structured data for reference.
1. The latest data on housing prices in Hong Kong
According to recent market research and real estate platform data, housing prices vary significantly among districts in Hong Kong. The following is the average house price in major areas of Hong Kong in June 2024 (unit: Hong Kong dollar/square foot, 1 square meter ≈ 10.764 square feet):
| area | Average house price (HKD/square foot) | Equivalent to RMB/square meter (approximately) |
|---|---|---|
| Hong Kong Island (Central, Mid-Levels) | 25,000-40,000 | 2.3 million-3.7 million |
| Kowloon (Tsim Sha Tsui, Ho Man Tin) | 18,000-28,000 | 1.7 million-2.6 million |
| New Territories (Sha Tin, Tseung Kwan O) | 12,000-16,000 | 1.1 million-1.5 million |
| Outlying islands (Discovery Bay, etc.) | 8,000-12,000 | 750,000-1.1 million |
2. Recent hot topics in the Hong Kong property market
1.Interest rate policy impact: Expectations for the Federal Reserve to suspend interest rate hikes have increased, Hong Kong's banking industry has maintained its prime interest rate unchanged, and some buyers' wait-and-see mood has eased.
2.New property sales are booming: A new project in Kai Tak New District, Kowloon East, was sold out immediately upon opening, with an average price of HK$22,000 per square foot, reflecting strong demand.
3.Proportion of mainland buyers rebounds: With the implementation of the "High Talent Pass" program, the proportion of home purchases by mainland professionals has increased from 15% to 22%, driving the mid-range market.
4.Rental yields fall: The residential rental return rate in core areas has dropped to a historical low of 2.1%, and investors are paying more attention to long-term capital appreciation.
3. Analysis of factors affecting housing prices in Hong Kong
1. Limited land supply: Hong Kong’s developable land only accounts for 24% of the total area, and the government’s latest annual land supply plan can only provide 12,000 units.
2. Demographic changes: Hong Kong’s population will rebound to 7.5 million in 2023, and the trend of family downsizing will continue, creating demand for small apartments.
3. Policy control: The current stamp tax policy (non-permanent residents are required to pay 30% stamp tax when buying a house) suppresses some speculative demand, but the rigid demand market is still strong.
4. Economic recovery: GDP grew by 2.7% in the first quarter, the unemployment rate fell to 3%, and the improvement in the job market supported the ability to purchase homes.
4. Typical cases of housing prices in various districts
| Property name | area | Unit price (HKD/square foot) | House type |
|---|---|---|---|
| Mount Nicholson | top of mountain | 132,000 | 4 rooms |
| Arc de Triomphe | Kowloon Station | 28,500 | 2 rooms |
| Love of the sea | Tsuen Wan West | 16,800 | 3 rooms |
| Yingwan Garden | Tung Chung | 9,200 | 2 rooms |
5. Forecast of future trends
1.Short term (6-12 months): It is expected that the overall housing price fluctuation range will be within ±5%, and the luxury housing market may be driven by the demand for capital hedging.
2.Medium to long term (3-5 years): If the development plan for the northern metropolitan area proceeds smoothly, there may be room for 20-30% growth in housing prices in the northern New Territories.
3.risk factors: Global economic slowdown, geopolitical tensions and local vacancy tax policy adjustments may affect market expectations.
Conclusion: Hong Kong’s housing prices are still at the top level in the world, but there are obvious regional differences. Home buyers need to make prudent decisions based on their own needs, financial strength and long-term planning. It is recommended to pay close attention to key indicators such as government land policies, interest rate trends and population mobility.
check the details
check the details
en
