US$7.22 billion worth of Hong Kong property sold so far this year
Bull run in Hong Kong’s housing market – fuelled by a stock market rally and strong outcomes of government land sales – has propelled home prices at some major estates to levels never seen before
Buyers and investors splashed out more than HK$56.42 billion (US$7.22 billion) on flats, shops, industrial units and car parking spaces in the first 26 days of 2018 – which will be the highest single monthly figure since 2015.
The bull run in Hong Kong’s housing market – fuelled by a stock rally and strong outcomes of government land sales – has propelled home prices at some major housing estates to levels never seen before.
“People do not want to keep cash. They prefer betting on further rises in home prices,” said Derek Chan, head of research at Ricacorp Properties, who attributed the sky-high increases to the wealth effect created by the recent stock rally.
Micro flats go on sale at The Astro in Hong Kong’s Cheung Sha Wan to strong demand
“This month’s transaction value is likely to break the previous monthly record set in January 2015,” he added.
The total transaction value for January 2015 was HK$58.03 billion, according to Ricacorp data.
Including transactions of subsidised housing, 828 new flats were sold in the first 26 days this year, up 30.8 per cent from the same period last year, and 4,079 used flats swapped hands, up 52.6 per cent, according to Land Registry data retrieved by Ricacorp Properties.
Hong Kong’s US$149 million Mount Nicholson flats grab the crown as Asia’s priciest address
People do not want to keep cash. They prefer betting on further rises in home prices
