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New York

Big gains predicted for HK house prices

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

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

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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