Northern Metropolis scheme will boost house prices in Yuen Long, Tuen Mun by up to 10 per cent this year, analysts say

Name: Farming families ponder future under Hong Kong government’s Northern Metropolis plans
Uploaded: 2022-01-05T00:30:15.000Z
Duration: 6 min 9 s
Description: Farming families ponder future under Hong Kong government’s Northern Metropolis plans

Government plan to create a booming hub for 2.5 million residents near border with mainland China may boost prices by half in the next five years, says Perry Fong of Centaline

The private housing estates that will see the biggest gains will be Yoho in Yuen Long and the Wetland projects in Tin Shui Wai, according to Fong

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Housing demand in the New Territories as a whole is expected to grow in the years to come. Photo: Martin Chan

Lam Ka-sing

Published: 8:30am, 5 Jan 2022Updated: 9:00am, 5 Jan 2022

Plans to create a booming economic and residential hub for some 2.5 million residents near Hong Kong’s border with mainland China may boost home prices in Tuen Mun, Tin Shui Wai and Yuen Long by as much as 10 per cent in 2022 and by up to half in the coming five years, say analysts.

House prices in these three northwestern areas will benefit the most from the government’s Northern Metropolis scheme, thanks to the growth potential and infrastructure it provides, said Perry Fong, senior principal sales director at Centaline Property Agency.

“In five years, there will be an increase of about 40 to 50 per cent,” said Fong. “The main reason is that the government’s new innovation and technology industry policy has been implemented, which has helped the transformation of the region. People feel that there is new hope and are willing to move in.”

The community facilities and transport links in these areas have already matured and are popular among buyers, Fong added.

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Farming families ponder future under Hong Kong government’s Northern Metropolis plans

The Northern Metropolis plan involves the development of an IT hub in the northern New Territories, construction of up to 186,000 homes and a new cross-border railway linking Hong Kong to the Qianhai economic zone in Shenzhen.

Centaline’s price index for large estates in the New Territories West increased by 5.7 per cent in 2021 and is up 30.5 per cent from five years ago. Average house prices across Hong Kong have risen 27.5 per cent since early 2017.

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