How much does one square meter cost in Hong Kong? The latest housing price data and hot spot analysis in 2023
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 on the Internet in the past 10 days to provide you with an in-depth analysis of the current situation of the Hong Kong property market from the perspectives of housing price data, regional differences, policy dynamics, etc.
1. Core data of Hong Kong housing prices in 2023
| area | Average unit price (HKD/㎡) | Year-on-year change |
|---|---|---|
| Hong Kong Island | 280,000-350,000 | -3.2% |
| Kowloon | 220,000-300,000 | -4.5% |
| New Territories | 150,000-200,000 | -5.8% |
| Peak/Southern District | 600,000+ | flat |
2. Recent hot topics in the Hong Kong property market
1.The impact of the interest rate hike cycle: The Federal Reserve's continued interest rate hikes have led Hong Kong banks to raise their prime interest rates accordingly. Centaline Real Estate data shows that after the mortgage interest rate rose to 3.5%, the monthly payment pressure on home buyers increased by 12%.
2.Talent introduction policy: Hong Kong's "High-end Talent Pass Program" attracts mainland professionals. In the past three months, there have been about 2,000 new housing purchase requests, mainly concentrated in the mid-range market of HK$8-15 million.
3.Waiting list for public housing hits record high: The Housing Authority recently announced that the average waiting time for public housing has reached 5.3 years, spurring demand for "nano buildings" and the proportion of transactions for units under 30 square meters has risen to 18%.
3. Price comparison of various types of real estate
| Property type | Average price (HKD/㎡) | Popular areas |
|---|---|---|
| private residence | 180,000-350,000 | Taikoo Shing, Whampoa Gardens |
| office building | 100,000-250,000 | Central, Admiralty |
| Shop | 200,000-800,000 | Causeway Bay, Mong Kok |
| industrial building | 30,000-80,000 | Kwun Tong, Kwai Chung |
4. Regional price changes worthy of attention
1.northern metropolitan area: The New Territories North development plan has driven up property prices in Sheung Shui and Fanling, with an increase of 7% in the past six months, and the current average price is about 120,000/㎡.
2.East Kowloon: Several new projects have entered the market in Kai Tak New District, driving the surrounding second-hand housing prices to rise to 180,000-220,000/㎡, an increase of 35% compared with 2018.
3.Hong Kong Island West: Kennedy Town is an emerging residential area. The price is 30% lower than that in Central, attracting young families. The total price of a 50-square-meter two-bedroom unit is about 9 million.
5. Expert opinions and future predictions
The latest report from Jones Lang LaSalle pointed out that Hong Kong housing prices may continue to adjust by 5-8% in the second half of 2023, but high-quality properties in core areas are still resilient. Midland Real Estate believes that as the customs clearance effect continues to be released, small and medium-sized units below 8 million will be the first to stabilize.
It is worth noting that the Hong Kong SAR government is studying adjustments to the stamp duty policy. If the first-time home purchase tax rate is reduced or restrictions on non-permanent residence purchases are relaxed, it may inject new vitality into the market.
For ordinary home buyers, buying a property in Hong Kong requires comprehensive consideration of factors such as location, transportation, and degree. To purchase a 60-square-meter house, you need to prepare about 18 million Hong Kong dollars in Hong Kong Island, about 14 million Hong Kong dollars in Kowloon, and about 9 million Hong Kong dollars in the New Territories. The down payment ratio is usually 40-50%. It is recommended to fully evaluate your repayment ability before buying a house and pay attention to changes in bank mortgage policies.
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