Transactions for luxury homes in Sai Kung have been slowly picking up since May thanks to rising prices across Hong Kong, according to Mathew Chung Kwong-yiu, sales manager at Sunshine Property Consultant.
Although the Sai Kung luxury property market was improving, it had not returned to where it was a few years ago, he said, adding that in the first two weeks of August only 10 transactions were recorded.
Demand for luxury homes in Sai Kung is higher than that for apartments in the city. The price of buying an apartment in the city is the same as that for a house in Sai Kung.
The number of semi-detached and detached houses sold was up in the first half of this year compared with the second half of last year, according to Centaline Property Agency.
However, sales revenue was down to HK$10.85 billion from HK$11.84 billion. Although interest in luxury property had become stronger, it seemed buyers were looking for smaller properties than the usual Sai Kung 3,000 sqft developments costing more than HK$30 million, Chung said.
A waterfront luxury house was recently put up for sale at The Palisades in Sai Kung's Silverstrand area. It is the only unoccupied property on the nine-villa estate.