April 8, 2025 – A stunning real estate decline has unfolded in Tseung Kwan O, where a parking space at Metro City Phase II has been sold for a mere HK$900,000.

This sale marks a significant drop from the original asking price of HK$1.5 million set last October, translating to a loss of HK$600,000—or 40%—in just six months.

The previous owner’s investment back in November 2017 of HK$1.53 million now reflects a staggering total loss of approximately HK$630,000 over more than seven years, showcasing an overall depreciation of about 41.2%.

This dramatic price cut raises questions about trends in Hong Kong’s real estate market.

Could we be witnessing a shift in investment habits? As property values continue to tumble, buyers are undoubtedly looking for bargains, but sellers are feeling the pinch like never before.

In addition to the parking space debacle, the retail sector isn't faring much better.

Midland Realty has reported a grim case of a ground-floor shop on Apliu Street, Sham Shui Po, which was sold for HK$17 million.

This property, spanning around 768 square feet, realized a price per square foot of roughly HK$22,135.

Currently leased to a stable electronic components retailer, this shop was purchased by its original owner for a staggering HK$34.8 million back in 2018.

The transaction now shows an alarming paper loss of about HK$17.8 million, equating to a depreciation of around 51.1% in just seven years.

With property values in freefall and local investors feeling increasingly anxious, the pressing question remains: what does the future hold for the Hong Kong real estate market?

As we analyze these trends, one can't help but ponder whether now might be the time for bargain hunters to swoop in and capitalize on the declining prices.

Don't miss out on potential opportunities amid this tumultuous market!