Yuen Long’s Atrium House one-bedroom flat sells for just HK$3m after a 40% price drop in five years

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21st April 2024 – (Hong Kong) A residential unit at Atrium House in Yuen Long has been sold for a historically low price of HK$3 million, marking a nearly 40% decline in value over a span of five years, signalling a significant slump in the local property market.

The property, a modest 291-square-foot, one-bedroom apartment located on the lower floors of the Atrium House development, was originally listed at approximately HK$5.5 million. However, facing a bearish market, the original owners resorted to a drastic price cut, slashing the asking price by around HK$2.5 million to secure a sale. This adjustment represents a loss of nearly HK$2 million from their purchase price in June 2019, when the unit was bought from developers for about HK$4.998 million.

The final sale price reflects a staggering reduction of approximately 45.5%, with the cost per square foot settling at about HK$10,309, which experts predict could be the lowest price point for the project going forward.