How much does a house in Hong Kong cost? ——The latest housing price data and hot spot analysis in 2023
As one of the cities with the highest housing prices in the world, housing issues have always been the focus of society. This article will combine popular topics and structured data across the entire network for the past 10 days to analyze the current housing price level and market trends in Hong Kong.
1. Latest housing price data for various districts in Hong Kong (October 2023)
| area | Average house price (HKD/square ft) | Year-on-year changes |
|---|---|---|
| Hong Kong Island | 18,000-22,000 | -3.5% |
| Kowloon | 15,000-18,000 | -2.8% |
| New Territories | 12,000-15,000 | -1.2% |
| Off the island | 10,000-13,000 | +0.5% |
2. Price comparison of popular apartments
| House type | Average Total Price (HKD) | Mainstream area (square ft) |
|---|---|---|
| Open | 4.5 million-6 million | 200-300 |
| One room | 6 million to 8 million | 300-400 |
| Two rooms | 8 million-12 million | 400-600 |
| Three bedrooms | 15 million-25 million | 700-1,000 |
3. Recent hot spots in Hong Kong's real estate market
1.The impact of rising interest rates: Hong Kong has followed the Federal Reserve's interest rate hike, and the latest mortgage rate has risen to 3.5%-4%, causing some buyers to wait and see.
2.Talent introduction policy: Hong Kong's "High-end Talent Pass Program" attracts mainland talents and drives the demand for the mid-to-high-end rental market.
3.Northern Metropolitan Area Development: The government has accelerated the development of New Territories North and is expected to add about 200,000 new residential units to alleviate the long-term supply shortage problem.
4.Second-hand market cools down: The transaction volume of second-hand residential properties fell by 15% month-on-month in the first two weeks of October, and the bargaining space of owners expanded to 5%-8%.
4. Details of home purchase cost
| project | Cost standard |
|---|---|
| Down payment ratio | 40%-50% (non-permanent residents need to pay an additional 15% stamp duty) |
| Stamp duty | 1.5%-8.5% (collected according to housing price ladder) |
| Attorney's Fees | HK$10,000-30,000 |
| Intermediary Commission | 1% (0.5% each for buyers and sellers) |
5. Expert opinions and suggestions
1.Short-term trend: The Research Department of Centaline Real Estate predicts that house prices may be lowered by 3%-5% by the end of the year, but high-quality properties in the core area have strong resistance to declines.
2.Rental Market: Data from Milian Property shows that rents rose by 1.2% month-on-month in September, and two-bedroom units are the most popular among tenants.
3.Home purchase advice: First-time home buyers can pay attention to small units of HK$4 million to HK$5 million in the New Territories, and use the "first mortgage insurance plan" to reduce down payment pressure.
6. Future prospects
As the government increases land supply and advances transitional housing plans, it is expected that the contradiction between housing supply and demand in Hong Kong will ease in 2024. However, affected by the international economic environment, housing prices will remain at high fluctuations in the short term. Interested home buyers recommend paying close attention to policy changes and seize the bargaining opportunities in the traditional off-season at the end of the year.
(Note: The above data is comprehensively compiled from the latest reports of institutions such as Rating and Valuation, Cental Real Estate, and Midland Property in October)
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