Retrospect and Prospects of Hong Kong Property Market

2022-09-26

This year marks the 25th anniversary of the enactment of the Estate Agents Ordinance and the establishment of the Estate Agents Authority (“EAA”). At this silver jubilee anniversary, the EAA organised a public seminar titled “Retrospect and Prospects of Hong Kong Property Market” on 30 July 2022 as the first celebration activity for this special occasion.

This public seminar aimed to provide an overview of the current development, situation, and prospects of the Hong Kong property market, the transformation of the estate agency industry over the years, as well as the opportunities arising from the property market in the Greater Bay Area (“GBA”).

Six heavyweight guest speakers including Dr Chan Yan-chong, Adjunct Professor of City University of Hong Kong, Mr Ricky Wong Kwong-yiu, Managing Director of Wheelock Properties (HK) Limited, Mr Addy Wong Wai-hung, CEO – Asia Pacific of Centaline Property Agency Limited, Mr Sammy Po Siu-ming, CEO (Residential-Hong Kong & Macau) of Midland Realty, Dr Calvin Tse Shun-lai, Honorary Chairman of Hong Kong Real Estate Agencies General Association and Mr Eric Lee Chun-ming, Group Chairman & CEO of Century 21 Goodwin Property Consultants, gathered together to share their insights on the topic which attracted an overwhelming response from the industry and the public.

The seminar was moderated by experienced financial media anchor Ms Fan Hau-yu. All guest speakers first shared their views on the changes and development of the Hong Kong property market over the past 25 years. They all agreed that the estate agency industry has made great progress and grown a lot and highlighted the EAA’s continuous efforts in developing a well-regulated and professional trade.

Guest speakers further touched on the future trend of the local property market and the opportunities arising from the GBA. Although the Hong Kong property market has experienced much volatility in recent years, guest speakers were still positive about its future development.

During the discussion on the potential opportunities in the GBA property market, all the speakers reminded the audience to be cautious about the potential risks of purchasing non-local properties. Here, I would like to remind consumers again to be cautious by referring to our latest educational slogan:  

“To buy or not to buy non-local off-plan properties? Assess the risks before you buy!”

Consumers should always remember this slogan and think twice before making any purchase decisions. The EAA has also promoted this slogan to estate agents and encouraged them to use the slogan in their own promotional materials to highlight the potential risks in purchasing uncompleted properties situated outside Hong Kong.

The full video of the public seminar is now available on the EAA’s YouTube Channel at this link (note: the seminar is only available in Cantonese).

For the details of the EAA’s 25th anniversary and other celebration activities, please click here to visit the dedicated website. 

Ruby Hon
Chief Executive Officer
Estate Agents Authority