Hong Kong mass residential capital values down 0.5% in July

It was higher compared to last month’s -0.3% drop.

The average mortgage rate in Hong Kong leapt in July, hitting the cap at 2.5% by month end according to data from JLL. 

Market activities shrunk as faster-than-expected rate hikes dampened buying sentiment, with monthly home sales volume at 3,671 transactions in July, compared to 4,826 deals in June. 

Here’s more from JLL:

Mass residential capital values recorded a more visible slip at 0.5% m-o-m in July, after dropping by 0.3% in the previous month. 

Sales performance of new launches continued to vary among projects. 'The Vim' in Cheung Sha Wan by Carrianna Group and Choice Holdings sold only 40% of the 50 units launched. Meanwhile, all 336 units put up for sale at 'Novo Land (Phase 1A)' in Tuen Mun, developed by Sun Hung Kai Properties, were sold on the first day of the project launch. 

Among notable luxury sales transactions, a house at 'No. 15 Shouson' in Shouson Hill was sold for HKD 870.2 million or HKD 108,347 per sq ft, SA. 

In the Government land sales market, a residential site (IL 8872) at Hospital Road, Hong Kong was awarded to K. Wah Group for HKD 551 million or HKD 12,821 per sq ft, AV.