Unlike Hong Kong's commercial property market which has seen a 30 per cent drop in building values in the past year, home prices have so far been relatively resilient due to strong demand, even edging up 1.8 per cent in the first half of this year.
Henry Choi, a director at Century 21 Surveyors, also said his company has had three recent cases where banks put auctions on hold after deciding to go back to court to ask for a lower base price. With demand far outstripping supply, prices for Hong Kong private homes have surged more than six times since 2003.Some analysts, however, expect current economic stresses will soon hit the market harder and predict a fall of roughly 5 per cent this year to be followed by a bigger drop next year.
Mr Choi said he expects foreclosures to spike in the April-June quarter, noting a jump is almost certain due to the end in February of pandemic relief measures introduced by Hong Kong banks that allow home owners to pay only the interest and not the principal of their loans. He predicts there could be as many as 2,000 foreclosures for all of 2021.
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