The world’s least affordable housing market is in a rut.
Hong Kong home prices have fallen more than 6 per cent since a peak in August, with no quick recovery in sight.
Some analysts are predicting another 20 per cent slump by 2025 due to rising mortgage rates and a slowing economy. Even habitually bullish local real estate agents are expecting that prices will be sluggish for most of the year.
Sales activity dripped to a two-year low and Covid-19 restrictions have put a damper on viewings. Property owners are hoping the dip isn’t a sign of more pain to come.
“I have never seen the property market as quiet in more than 15 years of buying and selling,” said Ada Chan, 42, who is trying to sell her three-bedroom apartment near the University of Hong Kong. The place has been on the market for more than a year.
Ms Chan bought the 500-square-foot apartment for HK$17 million ($2.17m) in 2018, and she thought it would be worth HK$18.5m when she listed it. Now, she’s willing to take what she paid.
“I’m just hoping it to be a tie game,” she said.
“The market has mostly priced in impact from Covid,” Ms Chan said. “It is the economic uncertainties which make buyers hesitant, like the interest rate hikes.”
But Ivan Wong, sales director at property agency United Properties, thinks the recent downward trend is entirely Covid-19 related. He thinks there is pent-up demand that will speed up transactions in the coming weeks.
“There are too many unknowns to move property prices up in the short term,” Mr Wong said, adding that he sees potential upside in the fourth quarter.
Hong Kong is one of a number of cities in Asia where the property boom appears to be on ice, and Hong Kong’s currency peg to the dollar means local rates will climb as the US hikes. Meanwhile, home prices in the US and UK have continued to soar in the face of rising mortgage rates.
Sellers aren’t used to taking a hit on their investment in Hong Kong property, after a remarkable run over the past two decades. Home values in the city increased 449 per cent since a trough in 2003, compared with about 100 per cent in the US.
Last year, an apartment in the exclusive Peak area set a record when it was sold for HK$640m.
Many will still do well. More than 95 per cent of apartments sold in January went for more than the owner originally paid, although it was the lowest figure since 2010, according to Ricacrop Properties.
That means some will still be satisfied taking less than they had hoped for.
David Gibson, a 49-year-old logistics expert from New Zealand, bought his two-bedroom apartment in Mid-Levels in 2013 for HK$12.5m, then spent HK$1.4m on renovations. He listed the 1,300 square foot apartment for HK$24.5m in December, but he has only had 10 viewings since then and no offers.
“It’s been the worst possible time to put the house on the market,” he said.
The shrinking pool of potential buyers isn’t making things any easier.
Eagle Fung is one of the many Hong Kong residents leaving. A retiree in her late 50s, Ms Fung dropped the price on her apartment in Kowloon to HK$4.4m. She wants to sell before moving to the UK with her family in the summer.
She’s willing to drop the price a few per cent, which will still provide a hefty profit, given that she bought the property for less than a quarter of what she’s asking. She hasn’t received any offers that she considers reasonable.
In a city where apartments barely bigger than a parking space sell for $645,000, and parking spots alone go for more than $1m, officials are racing to build to ease the supply crunch.
The number of new homes built in Hong Kong this year may surge to the highest level since 2005, according to Bloomberg Intelligence. And there are plans for an entire new mega-district in the north that would house 2.5 million people.
The dip in prices is providing an opportunity for buyers. Greg Cheung, 37, is looking to buy his first property in the city. He wants to stop wasting money on rent and sees real estate as a safer bet than stocks.
His optimism has slipped, but he thinks that Hong Kong’s fundamentals will keep it competitive.
UAE currency: the story behind the money in your pockets
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE currency: the story behind the money in your pockets
More on animal trafficking
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Sunday's games
Liverpool v West Ham United, 4.30pm (UAE)
Southampton v Burnley, 4.30pm
Arsenal v Manchester City, 7pm
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Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
Naga
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UAE SQUAD
UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards
Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
Killing of Qassem Suleimani
More on Quran memorisation:
Sukuk
An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
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Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
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LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
