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Hong Kong property prices are likely to fall across the board in 2020, industry insiders say

Hong Kong property prices are likely to fall across the board in 2020, industry insiders say

Source Credit: SCMP

JLL, Knight Frank, Colliers, Cushman, Centaline, Lai Sun, Empire Group and CGS-CIMB said home prices will fall. Midland Realty and Ricacrop, meanwhile, said they will rise 5 per cent to 10 per cent. SHKP, Sino Land and Henderson Land said they would be stable, and Maggie Hu said home prices will stay flat.

Eight out of 14 respondents, or 57 per cent, said they expected the prices of general housing to fall 15 per cent, with one predicting luxury homes to drop by 20 per cent. US commercial real-estate services and investment firm CBRE does not cover the residential sector.

“The longest bull market in the Hong Kong property sector’s history came to an end in the second half of 2019, because of the local social movement and economic uncertainties,” said Joseph Tsang, chairman of US commercial real-estate services firm JLL in Hong Kong. The company, the most bearish of the respondents, expected luxury home prices, office rents and high-street shop rents to fall by up to 20 per cent, and by as much as 15 per cent for general home prices.

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