Property mortgage applications in Hong Kong decreased by 50% month-on-month in August, reaching a 4-month low.
Cao Deming said that the cooling effect did not continue, and the pace of developers' new launches has slowed in recent months, leading to a decline in both primary and secondary market transactions. In addition, the lack of large new property launches has contributed to the monthly decline in the number of existing building and presale cases in August.
Zhongyuan Mortgage: Hong Kong banks accelerate the residential mortgage approval process, helping to boost the confidence of home buyers entering the market.
Wang Meifeng said that if home buyers submit their mortgage applications early, they may even have the chance to understand the mortgage approval status before signing the formal purchase contract, reducing the uncertainty of the transaction process and effectively enhancing buyers' confidence in entering the market.
Ricacorp Properties: There were 2,558 transactions for second-hand private residential properties in Hong Kong last month, with a stable market. The market is expected to remain under pressure and shrink in the future.
Chen Haichao, head of Lijiagge Real Estate Research Department, said that the cooling effect of the Hong Kong property market has been offset by the high interest rate environment, and the second-hand market is still unlikely to improve temporarily due to the new low-priced properties competing for customers. The market is expected to remain under pressure and stagnant.
DBS Remains a Buy on Sun Hung Kai Properties (SUHJF)
Market Chatter: Wang On Properties Unveil New Flats Project
Central Plains Real Estate: Market Expects Fed Interest Rate Cut in September, Buyers Enter the Market on Dips Driving the Recovery of Hong Kong Property Market
After the Fed meeting on August 1, the market is expecting a rate cut in September. The atmosphere in the Hong Kong property market is positive, with buyers entering the market on dips and second-hand transactions picking up, and the sentiment of frontline brokers is stabilizing.
