Northern Metropolis plan to boost housing prices in New Territories: analyst

Housing prices in the area have already grown 28.6% over the past five years.

Analysts are foreseeing a further increase in the housing prices in the northern and north-western parts of the New Territories as it undergoes residential and commercial development through the government’s Northern Metropolis plan.

Prior to the planned development for New Territories, housing prices in the area have already grown 28.6% from 2016 to 2020. It also recorded a price uptick of 45.8% between 2011 and 2015, according to JLL Research.

Analysts attributed these increases to  “enhanced infrastructure and amenities;” and with the Northern Metropolis plan in place, they sad property prices in New Territories will likely “be subject to more upward pressure.”

The Northern Metropolis plan aims to house 2.5 million residents in Hong Kong and provide 650,000 employment opportunities.