Various updates
Property agents are reporting a strong pick up in activity over the last few weeks as transactions start increasing again. Demand is strong form first time buyers wanting to get into the market for smaller apartments, and also apparently very strong from families who have either been renting, or had a smaller place, wanting to upgrade to larger sized places.
I was sent this advert recently by the way by a private seller of a so called "combined unit" Park Island apartment:
It might be a of interest to people seeking a larger home.
Its hard to tell what will happen to the market and what if any other measures the Government puts in place to discourage people form selling, but my guess would be we will see 8-10% gains in prices per year over the next few years, as interest rates look like remaining at rock bottom lows for some time to come, and demand for Hong Kong property keeps rising with 60,000-100,000 people forecasted to move to Hong Kong this year according to Government predictions.
Rents of course also also likely to rise as people pushed out of the market (in part due to the Government measures) may have no option but to rent. What I especially find unfair is the distinction the Government is now making between PRs and new arrivals, some of who already feel very much at home in Hong Kong and want to make it their homes.
Here's an interesting idea I have not heard anyone push yet. What about charging non-PR's that foreigner's tax, but the refunding it if/when they make they required 7 years to get a PR. In that way a person with say 4 years in Hong Kong could buy, pay the foreigners tax, and then when he becomes a PR get it refunded. Wouldn't that be a little fairer if what the Government is, in essence trying to do, is stop the market being flooded by mainland investors?
Finally, one interesting item of news to report for those wanting parking for private cars on Ma Wan. I have it on good authority that after Mr Leung's recent 2013 policy speech, the Transport Department is now "informally consulting" with the Planning Department, regarding possible reclassification of land use on various parts of Ma Wan. Without knowing for sure, reading between the lines, I think this would include the land under the bridge currently zoned as "Recreational Use", but which in reality is vacant land and not used except for a few local fisherman who sit on the pier there. So, I am hoping that this may be a further step, in the slow process towards eventual parking for residents.
It seems like a fair proposition to allow tax refund when attaining PR status. Otherwise the Gov would be penalising unfairly a section of the community who pays taxes like everyone else. A part from parking availability, PI should also have better schools (the primary school is good but no continuation to secondary). Finally, it seems like the netting for Anacapri is off and I wonder whether that would give the place a small lift when fully occupied.
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ReplyDeleteTo me. Slowly cutting off all public transport which mean private car coming soon.
Private car for residence will be the only solution. Residence no need to rely or controlled by transport company expensive fare and tight time table. Public transport will save for ppl who really need them. Private car for ppl who can afford them (not just a car, also tunnel fee everyday that much more expensive then public transport fare) which mean their financial better.
Whole thing will bring higher incomer to the island make it become a high end place. Then they start develop the marina and hotel thing on the other side on the island that properly take few years. Transport issue argue for few years. By the time its done it perfectly match the whole thing make sense rice ppl doesn't want to see/ use public transport, now cutting off with no solution, with low incomer.
See rich area. They don't have much bus lines. Only few like mini bus for the maid etc.
The news sound encouraging. I can't wait to see private car access at Park island.
ReplyDeleteI prefer not having private car access at Park Island because I like it being quiet and clean air. I accept what the facilities and transportation like when I bought the apartment.
ReplyDeleteI also wonder what's the blog owner think about the termination of shuttle bus after 30 April.
Ren, thank you for your comment. All views here are welcome.
DeleteWith your regard to your concern about peace and quiet, and wanting cleaner air, I honestly think the quiet and cleaner air on Ma Wan will in any realistic way be affected if cars are allowed for residents. Most supporters of cars seem to be proposing that the cars enter Ma Wan and park on the land under the bridge. These cars would therefore be as far away as any other car from Hong Kong that drives over the bridge every day. What should Park Islander's not have that same right as all the thousands of other Hong Kong’ers who drive over the same bridge each day? I think you can therefore be assured that the current proposal for a carpark on Ma Wan would not create any additional pollution or disturbance. As for minibuses, and other modes of public transport, I support keeping all modes of transport and making Ma Wan as accessible as possible for residents.
I recognise these comments for what they are but the transport problems on ma wan are REAL. We personally have seen our commute increase by 30 minutes each way since Oct. And it looks to be getting worse.
ReplyDeleteWhich shuttle bus will be terminated after 30 April?
ReplyDeleteproperty prices keep rising though. my flat went up 20.5% in just 14 months. It's insane.
ReplyDeleteIf they sort out the public transportation issue, then it will keep rising up at the same pace for the next couple of years I think. If they open it to private cars and build a car park under the bridge it will go up another 20% in one go I reckon.
If they also build a marina and a hotel on the other side of the island, it will be even more attractive.
All in all, PI is still massively under valued.
Informative post. I like the idea of having private car access at Park island. I'm excited to benefit from it. Thanks for sharing.
ReplyDeleteFor the private car. Why not transport department do the test scheme first. Let say we randomly pick up 100 residences who allow to drive for a month. Of course they only allow to park under the bridge bit drive around. We will see the actual response. Eg no noise no pollution convenience. Even they allow car I don't think every single residences will get one. Remember only for the owner self living there. Not for tenant. That's fair enough I think. Also can limited the car numbers. Mark.
ReplyDeleteThose who say they accept the transport it is before they move in. The truth is the situation now has changed!
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