Belvedere prices stage recovery
BELVEDERE Garden's price trend is consistent with the overall summer lull in the property market. Flat prices have been edging upward since the beginning of the year, although prices did retreat during April and May.
Flats were selling for $2,723 per square foot (psf) at the end of December and are now set at $2,962 psf, an 8.7 per cent increase.
Prices during the same period last year rose 24 per cent, at the apex of the property boom. They were selling for $2,492 psf in December of 1991 and jumped to $3,101 psf by July 1992.
''Belevedere's trend is very much in line with what's been happening in the market. Because it's out in the New Territories, it is not as popular as flats on the island,'' said David Faulkner, a partner at Brooke Hillier Parker (BHP).
Between March and May prices in Belvedere Garden fell from $2,871 psf to $2,930, representing a two per cent fall.
''As for the overall market, prices should continue to edge up slightly, but the general sentiment is one of stability,'' said Mr Faulkner.