〈Hong Kong Business, Dec 14, 2024〉Hong Kong's housing price index edged up by 0.6% month-on-month in November, narrowing the cumulative drop in the first ten months of the year to 6.8%, according to a Cushman & Wakefield report.
Mid-and-small size unit price index slightly rose by 1% in the fourth quarter (Q4); whilst home prices in popular estates across segments also rose.
Small-sized market prices rebounded by 13.5% quarter-on-quarter (QoQ) whereas middle-sized market prices increased by 0.7% QoQ. Prices for the luxury market also moved up by 0.5% QoQ.
〈Asian Post, Dec 13, 2024〉Hong Kong's economy will likely grapple with a challenging 2025 as exports face downside risks due to geopolitical tensions and trade conflicts as well as uncertainties over the anticipated trade policies of the Trump administration, according to UOB.
The lower domestic interest rates, US Fed rate cuts, and the stabilisation in the mainland’s economy will be positive for private consumption and investments.
However, changes in US policies under the Trump administration will bring significant uncertainties which will weaken the recovery outlook next year. These include a second trade war targeting China and inflationary policies leading to smaller US rate cuts.
〈Asian Post, Dec 12, 2024〉Hong Kong's total retail sales value in October 2024 fell by 2.9% year-on-year (YoY) to $32.9b.
This follows a 6.9% decline inSeptember. For the first 10 months of 2024, retail sales dropped 7.1% compared to the same period in 2023. Online sales in October rose by 8.4% to $4b, accounting for 12.3% of the total, but the year-to-date figure for online sales showed a slight 0.5% decline.
After accounting for price changes, the volume of total retail sales in October fell by 4.9% YoY, following an 8.7% drop in September.
〈RTHK News, Dec 11, 2024〉While stiffer penalties could be introduced for serious contraventions of the Buildings Ordinance, authorities are also rolling out a leniency scheme for minor unlawful works deemed to be low risk.
The Development Bureau conducted a review of the existing regulations following a spate of incidents where chunks of concrete fell off the exterior facade of ageing buildings.
There was also public concern after a landslide exposed unauthorised structures at multiple Redhill Peninsula villas last year.
Under the proposed amendments to the Buildings Ordinance, those who ignore removal orders for "serious unauthorised works", such as an illegal basement, could be jailed for two years, double the current ceiling.
〈Hong Kong business, Dec 10, 2024〉Property prices are expected to rise slightly, driven by increased transactions and strong demand for first-hand sales, Knight Frank said.
In its report, Knight Frank said home prices could increase by up to 5%, with transactions potentially reaching 55,000-58,000 units, driven by first-hand sales contributing 35-40%, the highest level since 2004.
For the office market, the firm said it will encounter a mix of challenges and opportunities in 2025, with rental trends shaped by changes in corporate demand, an increasing supply of office space, and ongoing economic and political uncertainties.
