Big gains predicted for HK house prices

Price increases to occur by end of 2017 according to new report

Sep.September 23, 2017 02:16 PM

The neighborhood of Mid-Levels is experiencing an increase in home sales. (Daniel Case, Wikimedia Commons / Pixabay)

By the end of 2017, a Knight Frank report predicts Hong Kong home prices will increase by 10 to 13 percent. The report expects the luxury residential market to see prices increase from 5 percent to 10 percent in comparison to 2016, though the report predicts the luxury homes will under perform in the larger market.

Despite slow growth, the report notes that prices have been rising gradually since April 2016 and strong sales, which rebounded about 14 percent month-over-month as of August, should translate to bigger price increases in the coming months, according to Mansion Global.

Currently, Hong Kong’s Mid-Levels neighborhood’s luxury home sales are surging with a recent sale for about $20M valuing price per square foot in the area at over $8,700. As of August the neighborhood’s average home price was about $3,650 per square foot, an almost 10 percent year-over-year increase, however the biggest year-over-year increase occurred in the neighborhood Island South with over 16 percent growth.

[Mansion Global] — E.K. Hudson

Related Articles

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

(Credit: iStock)

Here’s what the EB-5 rule changes mean for real estate

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping