07 | October | 2009 | Lush Dream Home

Daily Archives: 7 Oct 2009

HK luxury home sales soar on mainland deals

Posted on 7 Oct 2009 | Comments Off

Prices jump 28% in first nine months as low mortgage costs fuel buying: Colliers

Hong Kong’s luxury home sales almost tripled in September from a month earlier, as mainland Chinese residents flocked to buy flats in the city.

The registered sales of residential units worth more than HK$10 million (S$1.8 million) rose to 1,351 from 500 in August, according to Land Registry figures released on Monday.

A one-bedroom apartment in Hong Kong’s Kowloon district was bought for HK$30,025 per square foot last month, a record for a property of that type in the city, Centaline Property Agency Ltd said. The home was sold for HK$24.5 million.

Luxury home prices in Hong Kong climbed as much as 28 per cent in the first nine months of the year, as low mortgage costs fuelled buying, according to Colliers International Ltd.

Prices may rise by between 5 and 10 per cent in the next six to 12 months, the global real-estate broker said last month. Continue reading →

Comments Off on HK luxury home sales soar on mainland deals

Posted in Overseas Property

Tagged Hong Kong Luxury Homes, Hong Kong Property, Hong Kong Property Market

Record high sales for small homes: CBRE

Posted on 7 Oct 2009 | Comments Off

Developers provide for more units of 500 sq ft or less

A study by property consultancy CB Richard Ellis (CBRE) has confirmed what everyone suspected – small apartments have become more common. And their sales hit a record-high this year. But whether owners or tenants can get used to tighter living space is another matter, says CBRE.

The firm looked at caveats lodged between January and September and found that 412 new non-landed residential units measuring 500 sq ft or less had been sold – 38 per cent more than the 299 sold in the whole of last year.

The number of small units taken up has risen steadily for several years. In 2006 and 2007, 171 and 275 such apartments were sold respectively.

‘Developers are providing more of these small-format units and home-buyers are snapping them up, especially in 2009,’ said CBRE Research executive director Li Hiaw Ho. ‘The rise of small-format units has served to bolster overall transaction volume in the residential market.’ Continue reading →