Rents in Sai Kung 40% lower than HK, property prices 7%, Spacious says

The new property website, Spacious, makes riveting reading and may shake up the sector. For renters and buyers in Sai Kung and Clearwater Bay its analyses are scary.

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Spacious founder Asif Ghafoor

Spacious was started in 2013 by an ex-Goldman Sachs executive Asif Ghafoor, “a master of the universe” to borrow Tom Wolfe’s phrase.  Asif was educated in mathematics and computer science at University College then he developed his skills at Goldman and later Standard Chartered.

Spacious shows the cleverness of its creators in its graphics, presentation and easy-to-understand analyses of the property market.

SAI KUNG RENTING

Spacious says that rents in Sai Kung are 40% lower than its listings elsewhere in Hong Kong. A one-bedroom flat in Sai Kung will rent for $10,400 a month while elsewhere in the territory it will be $22,400. A two bedroom flat in Sai Kung will rent at $14,900 and elsewhere in Hong Kong it will be $27,600. A three-bedroom flat here will be $28,100 while elsewhere it will be $53,100. At the time of writing Spacious said rents had come down 6% in the past 30 days.

asif2SAI KUNG BUYING

Prices in Sai Kung are 7% lower than those elsewhere in Hong Kong, Spacious says. A one-bedroom flat in Sai Kung will sell at $3.1 million while one elsewhere in Hong Kong will be $7.4 million. A two-bedroom property here will be $5.6 million but one downtown will be $9.2 million. However… A three bedroom property in Sai Kung will be $32.9 million while one elsewhere will be $18.7 million.

CLEARWATER BAY RENTING

Rents in the area are 41% lower than those elsewhere in Hong Kong. A one-bedroom flat will rent at $12,100 here and at $22,000 downtown. A two-bedroom place will cost $16,100 a month while one elsewhere will be $27,300. A three bedroom flat will rent at $33,400 in Clearwater Bay and downtown at $53,100. Spacious said rents in the district had come down 16% in the past 30 days.

CLEARWATER BAY BUYING

Buyers of property in Clearwater Bay can expect to pay $9.4 million for a one-bedroom place while elsewhere such a flat would be $7.4 million. A two-bedroom place here will be $16.1 million and downtown $9.2 million. Three-bedrooms locally will be $21.2 million and $18.8 million elsewhere.

The Spacious website is full of interesting data: The languages spoken by area residents, marital status, income levels, whether they have children, prices of property by area and locations of schools. It has been reported that Spacious raised US$500,000 in seed capital last year and is seeking further investors in 2015.

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