Hong Kong homebuyers show interest in Northern Metropolis flats

Hong Kong homebuyers are showing renewed interest in residential properties, particularly within the Northern Metropolis region. At the Park Silicon project in Kwu Tung North, developed by Wheelock Properties, more than half of the 82 available flats were sold via regular sale as of a recent Sunday. Additionally, eight units were sold through tender for over HK$78.43 million.

This activity follows a period of slower home sales in July, where transactions fell approximately 42 per cent compared to June. Analysts suggest this slowdown was a seasonal consolidation following robust volumes in the first half of the year.

Simultaneously, rising residential rents are influencing the decision between buying and renting. The Centa-City Rental Index rose 5.2 per cent from the start of the year to 136.34 in July. Some buyers are opting to purchase homes because monthly mortgage payments for certain units have become more cost-effective than equivalent monthly rental rates.