Hong Kong’s millennials join red-hot property party, snap up 50pc of units launched over weekend
About half the 94 units at Wings At Sea released by Sun Hung Kai Properties over the weekend have been snapped by those in the 22-37 age group
Hong Kong’s millennials, fearing that they will soon be unable to afford property in one of the world’s most expensive cities, have joined the real estate rush.
Buyers snapped up about 250 units in four projects with prices ranging from HK$19,975 to HK$28,235 (US$2,545 to US$3,600) per square feet during the past three days, proof that there is no sign of a slow down in the city where house prices have been rising for 24 consecutive months, according to real estate company Colliers International Hong Kong.
Sun Hung Kai Properties, Hong Kong’s second-largest developer by market capitalisation, saw about 100 units at its project Wings At Sea II, at Lohas Park, Tseung Kwan O, snapped up by buyers on Sunday, according to Sammy Po Siu-ming, chief executive of Midland Realty’s residential division.
He said that around half of the buyers were millennials, adding that some of them will need help from their parents either to make part of the down payment or to partially pay off their mortgages as they make their way up the property ladder.
Despite a string of cooling measures by the government, Hong Kong was judged the world’s least affordable housing market by US planning consultancy Demographia for the eighth successive year in January.