Hong Kong (HK) houses market is one of the world’s most expensive real estate market. Although it’s a  weaker phase in the global economy and despite increases in taxes. Still, the city recently has seen a surge of home investors, especially from Mainland China. Contrary to initial forecasts, the prices of luxury homes have risen by 5 percent this year. And, more property developers are trying to cash in and offload their stocks.

In March 2015, the Rating and Valuation Department reported a record-high Price Index of 291.4 for private homes. Centaline Property Agency declared that the sales of all high-end homes in HK had accumulated HK$11.2 billion in this year’s first quarter. On the other hand, another agency Knight Frank noted a 60 percent rise in its luxury home sales.

In trying to rationalize one of the greatest periods since 2008, insiders suggest that HK’s low interest rate and the rising Hang Seng Index have given speculators excess cash to indulge in properties. Midland Holdings deputy chairman Angela Wong Ching-yi described this period as an “era of stock and property market booms.”

Premium Property Purchases

There’s a recent sale of Ho Tung Gardens on 75 Peak Road in 1927. And it is the most expensive residential property of a private tender in HK. According to the Land Registry, the price of 120,000 square feet site is HK$5.1 billion, without its demolished main building, by a company called Season Glitter. Reportedly, the buyer is a businessman from Chongqing, China named Cheung Chung-kiu. Since the property, which has a buildable area of 62,000 square feet. With redevelopment, Cheung would get a stamp duty refund of about HK$1 billion.

Swire Properties’ Opus, a residential building on Stubbs Road that is designed by world renowned architect Henry Gehry, has flats up for grabs. To cite an example, an 8,800 square feet duplex on the ground and first floor. Also, it includes a garden and verandah, is valued at HK$520 million.

Luxury living has also come to Lantau Island, courtesy Sino Land’s Botanica Bay, which encompasses 16 villas. One of the villas, codenamed House 19, measures 3,860 square feet. And the price of recent sale is almost HK$109 million. This sets the benchmark for the other houses that are still available for sale.

Predicting the Plots of HK Properties

After experiencing unprecedented highs in the past eleven months, analysts expect the overall HK property market to get a tad sober. The Monetary Authority revised the loan-value ratio to 70 percent. Thus, home buyers could become contemplative before paying more up front. That said, those able to afford palatial plots may be unfazed by this new policy and could still be interested in the 3,100 new luxury units throughout the city. As long as the interest rates keep low, local property developers are buoyant of reaching the overall home sales target of HK$240 billion for this year.

To find out more about luxury properties, villa or estates, visit us HERE.

www.luxify.com