Yuen Long registers 12 transactions in a single day with nearly 60% incurring losses as Park Yoho Napoli prices fall by 30%

3573
Park Yoho Napoli

5th March 2024 – (Hong Kong) In the wake of the government’s cooling measures rollback, Yuen Long’s secondary property market is witnessing a significant downturn with nearly 60% of recent transactions incurring losses for the sellers. On a single day, the district recorded 12 property sales, seven of which were concluded at prices below the purchasing costs, indicating a troubling trend for homeowners.

A high-level unit in PARK YOHO Napoli, located in the northern part of Kam Tin, has become emblematic of the market’s decline. This particular unit, with a modest floor area of 251 square feet and an open-plan layout, recently changed hands for HK$3.12 million, or approximately HK$12,430 per square foot. This sale represents a stark drop in value, with the unit’s price plummeting over 30% from the HK$4.59 million paid by the original owner in 2019, reflecting an alarming depreciation in just five years.

The phenomenon is not isolated. Another example is a mid-to-high floor unit in Ho Sing Building on Kam Fai Path, which spans 284 square feet. Acquired in mid-2018 for about HK$3.8 million, the apartment was sold recently for just HK$2.72 million. This translates to a price of roughly HK$9,577 per square foot and indicates a depreciation of more than 28% over nearly six years.