Hong Kong developers, property agents turn to virtual reality to keep sales moving as tightened social distancing measures take effect
- Centaline expects fewer than 500 first-hand transactions in February, the lowest in 24 months, as tighter social distancing measures keep prospective buyers away
- Henderson Land Development cancels briefing scheduled for Wednesday afternoon to announce sales details of The Harmonie residential project
Hong Kong’s tightened social distancing measures have cast a shadow on the property market. But as new project launches are delayed because of the fifth wave of the coronavirus outbreak, real estate agencies and developers are shifting their focus online to boost sales.
Starting from Thursday, the city will impose an unprecedented ban on private gatherings of more than two households, temporarily close houses of worship and hair salons, and reduce the cap on public gatherings to just two people.
Centaline Property Agency expects fewer than 500 first-hand transactions this month, the lowest in 24 months, as these measures keep prospective buyers away. The agency expects second-hand property viewings to sink by half compared with levels seen before the Lunar New Year, which could push lived-in homes prices down 3 to 5 per cent compared with the end of last year.
“The tightening of pandemic prevention measures will definitely have an impact on various industries and even the property market,” said Louis Chan, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline. “The launch of new projects will be delayed.”
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Hong Kong imposes toughest social-distancing rules yet as Covid-19 caseload hits another record high
The tightened measures forced Henderson Land Development to cancel a briefing for upcoming sales of The Harmonie residential project scheduled for Wednesday afternoon.