Tag Archives: Hong Kong Property Market

HK luxury home sales soar on mainland deals

Posted on 7 Oct 2009 | Comments Off on HK luxury home sales soar on mainland deals

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 →

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HK’s luxury homes in short supply: Swire Pacific

Posted on 1 Oct 2009 | Comments Off on HK’s luxury homes in short supply: Swire Pacific

Swire Pacific Ltd, which is building architect Frank Gehry’s first Asian residential project, said luxury homes in Hong Kong are in short supply as mainland Chinese buyers swooped for apartments.

‘There is relatively short supply at the high end,’ Martin Cubbon, an executive director of the company and chief executive officer of unlisted unit Swire Properties Ltd, said. There is ‘enormous liquidity and buying’ from Chinese residents, he told reporters here.

Luxury home prices in Hong Kong have climbed as much as 28 per cent in the first nine months of the year, as low mortgage costs and interest rates on savings deposits fuelled buying, Colliers International Ltd said. The project designed by Pritzker Prize-winning Mr Gehry may be rented at record rates, Swire’s Mr Cubbon said.

The ‘dynamics are all very positive’ for Hong Kong’s residential market, he said. Swire rose 0.7 per cent to close at HK$89.05 in Hong Kong trading. The stock has surged 67 per cent this year, beating the benchmark Hang Seng Index’s 46 per cent advance.

Average luxury home prices may rise by between 5 and 10 per cent in the next 6 to 12 months, Ricky Poon, executive director of residential sales at Colliers, said. Continue reading →

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