All-hour border access fails to spur investors
Property prices in the northern New Territories dipped slightly last month, despite general optimism following the introduction of the 24-hour cross-border policy, according to Midland Realty.
Prices in Yuen Long, Fanling and Sheung Shui had dropped by between 2 per cent and 3 per cent despite a rise in the number of transactions and investors, the property agency said.
Local property agents had expected the 24-hour border opening to boost demand and steady property prices as the area was popular with commuters, local and mainland businessmen, and investors.
Midland's district manager Joe Lui Chi-keung said the cross-border policy was not having much effect on investors.
'Investment in property in the Yuen Long district has become more active this month, but it is more because of the already low prices than the new border policy,' Mr Lui said.
He said prospective buyers had moved from districts such as Tsuen Wan and Kowloon to Yuen Long because of improved access to Shenzhen.
Midland Realty sales manager Gary Law Ying-kit said enquiries from potential mainland buyers interested in Fanling had increased last month, with one person buying an apartment.
Midland Realty sales manager Nelson Chan said: 'The mainland buyer bought a 469 sq ft unit at HK$820,000 for [holiday] use,' Mr Law said. Transactions by mainland buyers in Sheung Shui had yet to be recorded.
Mr Chan said enquiries from potential mainland buyers had risen 2 per cent to 3 per cent last month, and that all of them were looking for holiday flats priced at less than HK$1 million.
