Home prices plunge below market levels amid poor sentiment

February 03, 2016 13:02
A two-bedroom unit at Uptown in Yuen Long was sold for HK$4 million after its owner cut the asking price by HK$200,000. Photo: HKEJ

More secondary homes are being sold below market prices amid poor sentiment in the sector, the Hong Kong Economic Journal reported on Wednesday.

A two-bedroom unit at Uptown in Yuen Long had its asking price cut twice, or by HK$200,000, before a buyer acquired the property for HK$4 million.

That's HK$7,561 per square foot, or 20 percent below the market level.

A two-bedroom flat at Taikoo Shing in Quarry Bay saw its price slashed seven times before it was sold at HK$7.67 million.

The per square foot price of HK$13,000 of the unit represented an 18 percent discount to the peak level in August last year and a return to its level over a year ago.

Another two-bedroom unit at Mount East in North Point saw its price cut by HK$1.6 million in four months.

The unit was sold at HK$8.2 million, or HK$14,900 per square foot, after an aggregate price cut of 16.3 percent. 

[Chinese version中文版]

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Hong Kong Economic Journal