Hong Kong sees rising interest in property auctions, as housing market outlook improves
- The number of potential buyers has increased because of the rising property market, analyst says
- There will be buyers for foreclosed property because of housing shortage: auctioneer
An improving economy, the easing coronavirus pandemic and low interest rates have all contributed to this trend, market players said.
An improving economy, however, also means fewer homes are being foreclosed. The number of homes taken over by lenders stood at about 90 until this month, and would not go beyond 100 for the whole year, Choi said. The original owners had a higher ability to buy back their properties and banks were not too stringent with foreclosures, he added.
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Foreclosed properties were selling more quickly and more frequently, and while there are no official statistics available for this category, Choi said that about 12 such homes were sold in June, as of early last week.