Baguio prices stage recovery
FLAT prices in Baguio Villa increased 1.4 per cent in the first quarter despite falling market prices.
It was selling last January for $2,638 per square feet (psf) and is currently set at $2,676 psf.
This slight increase is misleading if taken out of context as the overall price trend shows a 10.4 per cent plummet since Baguio Villa's September peak at $2,985 psf.
''At this point, prices have basically levelled off and I don't foresee any changes before autumn,'' said Mr David Faulkner, a partner at Brooke Hillier Parker.
''It is one of the older and larger family-type developments, located in Pokfulam, and is really starting to show its age. On the purchase side, there is always resistance from banks regarding loans for older developments like this one.'' For the market in general, Mr Faulkner said positive results from this week's Sino-British talks could stimulate activity from buyers who have been holding back due to political uncertainties.
''But for those buyers blocked by the 70 per cent mortgage ceiling, improved political relations will have no bearing,'' he said.