Hong Kong leader John Lee this week eased the city’s decade-old residential property cooling measures — but will it be enough to boost market sentiment?
Questions remain on whether Hong Kong's easing of property measures is enough to boost market sentiment and low transaction volumes for the private housing sector.
Buggle Lau, chief analyst at Midland Realty told CNBC the average turnover ratio in 2022 to 2023 are at historic lows, as property prices have corrected down by nearly 20% since their peak in August 2021.For the market to fully recover, both in terms of price and volume, interest rates will have to come down next year, the property analyst said.
"Now when we come to selling the apartment, we found that the value of the apartment already like $2 million dollars less, so a little bit depressed but we have to leave so it's the timing maybe," Mok said, acknowledging that the latest cooling measures"will help a little bit" for his situation. "I think the price at this moment is still high, even if it's having a downward trend, but for me I think it's still overpriced," said Yiu who doesn't think the latest policy relief would increase her appetite to purchase a house.Together with his mother, Law, who is 30, purchased a flat at pre-construction in 2021 and moved in last year. His mortgage rate started at 1.9% and is currently at 3.375%.
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