商铺方面，2025年首十个月整体租金下跌约4%，核心区商铺空置率维持稳定，旅客人次回升有望带动 零售及餐饮业收益增长，但非核心区商铺租金继续受消费模式转变影响而承压。 受惠于印花税门槛提高至400万港元、低息环境及多项吸引人才政策，2025年香港住宅物业市场气氛显 著回暖，全年成交量录得近5.7万宗，同比增长约7.3%。其中，一手及二手住宅分别成交1.88万宗及3.81 万宗，反映市场购买力逐步释放。400万港元以下住宅物业成交显著增加，内地买家占整体住宅成交超 过两成，部分新盘更高达三成。 工商物业方面，报告指出，2025年非住宅物业市场整体表现疲弱。商业楼宇、写字楼及工厦楼价分别下 跌约8.8%、11.1%及12.3%，租金亦同步下调。甲级、乙级及丙级商厦价格则分别下调约9.9%、15.3%及 11.3%，市场空置率持续高企。虽然金融及专业服务需求带动部分核心区优质写字楼租金回稳，但非核 心地区租金仍然受压。工厦及仓库市场受全球贸易不确定性及本地物流需求下降影响，2025年首十个月 租金下跌约4.2%。香港政府积极优化工厦重建及改装措施，释放市区工业用地，但普缙认为短期内工 厦市场仍需时调整。 智通财经A ...

Group 1 - The core viewpoint indicates that the Hong Kong mortgage insurance market is experiencing fluctuations, with new mortgage insurance approvals increasing month-on-month but the total amount declining, reflecting a mixed sentiment in the property market [1] - In March, new mortgage insurance approvals rose by 2.5% month-on-month to 1,355 cases, marking the highest level in four months, although it remains below the 1,400 cases threshold for two consecutive quarters [1] - The total amount of new mortgage insurance fell by 5.9% month-on-month to HKD 6.6 billion, reaching a six-month low, indicating a cautious market environment [1] Group 2 - The number of new mortgage insurance applications decreased by 2.3% month-on-month to 515 cases, with the loan amount dropping by 4.7% to HKD 2.6 billion, both hitting new lows in four and two months respectively [1] - The first quarter saw a 5.4% increase in new mortgage insurance applications compared to the previous quarter, totaling 1,559 cases, but a year-on-year decline of 13.2% was noted [1] - The first quarter's new mortgage insurance approvals totaled 3,958 cases, a year-on-year decrease of 32.1%, with the total amount at HKD 20.4 billion, down 31.5% year-on-year [1] Group 3 - The recent government policy changes, including the relaxation of mortgage limits for properties under HKD 15 million, have led to a significant decrease in reliance on high loan-to-value mortgage insurance [2] - In February, the proportion of new mortgage insurance applications for residential mortgages fell to 14.4%, the lowest level since November 2019, indicating a successful impact of the relaxed mortgage policies [2] - The reduction in high loan-to-value mortgage insurance demand is seen as a positive development for the stability of the Hong Kong property market [2]