Big gains predicted for HK house prices

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

New York Weekend Edition /
Sep.September 23, 2017 02:16 PM

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

arrow_forward_ios
Michael Fulfree and Bianca D’Alessio of Nest Seekers International (Nest Seekers)
They can sell the Hamptons. But can they sell “Selling the Hamptons”?
They can sell the Hamptons. But can they sell “Selling the Hamptons”?
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
Eviction problems hit NJ, NY after moratoriums lift
Eviction problems hit NJ, NY after moratoriums lift
Eviction problems hit NJ, NY after moratoriums lift
(iStock/Illustration by Kevin Rebong for The Real Deal)
Existing home sales hit 15-year high in 2021
Existing home sales hit 15-year high in 2021
Joseph Tsai, executive vice chairman, Alibaba (Getty Images, LoopNet, iStock)
Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
1107 Fifth Avenue and Richard Eisner (CityRealty, The New Jewish Home)
EisnerAmper co-founder sells Carnegie Hill co-op for $35M
EisnerAmper co-founder sells Carnegie Hill co-op for $35M
A photo illustration of Vishal Garg, chief executive officer, Better.com (Better.com, iStock)
Better.com CEO returns to role after Zoom layoffs controversy
Better.com CEO returns to role after Zoom layoffs controversy
(iStock/Illustration by Steven Dilakian for The Real Deal)
Black mortgage applicants’ rejection disparity surges
Black mortgage applicants’ rejection disparity surges
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...