By using this website, you agree to our use of cookies to enhance your experience.


Sharp rise in new build sales in Hong Kong

Wealthy foreign investors, particularly from mainland China, are continuing to invest in Hong Kong’s ultra-luxury housing market as part of a diversified asset-safeguard strategy, despite low rental yields of around just 2%, helping to cement the city’s place as the world’s most expensive housing market.

Centaline, a real estate agent, report that developers in Hong Kong sold a record $17bn (£13bn) of new housing in the first half of the year, with the average new home costing $1.8m (£1.4m).

The jump in property sales comes despite government measures to rein in prices and curb speculation, such as 15% stamp duty for foreign buyers, as well as heightened tensions in Hong Kong’s relationship with Beijing.


“The major sales are middle-to-small apartments below HK$10m [£7.6m] but the average price looks high because of some luxury villas that cost more than HK$100m [76m],” said Wong Leung-shing, an analyst at Centaline.

A separate report from JLL forecast that property prices in Hong Kong will rise by about 5% in the second half of 2017.


Please login to comment

MovePal MovePal MovePal
sign up