The continuing strength of Hong Kong's luxury properties has prompted agencies to expand their presence and services in this lucrative market.
The attractiveness of the luxury market can be demonstrated by the rise of sales exceeding HK$10 million to 8.48 per cent of transactions by the end of last month. The increase in the New Territories was especially significant, surging from 34 per cent last year to 44 per cent.
Hong Kong Property is promoting its luxury brand Superior Home to strengthen its presence in the high-end market, with special training for staff that includes Putonghua, so that they can communicate better with mainland investors.
Jeffrey Ng, senior executive director of Hong Kong Property, points to the strong underlying demand for luxury homes from local and overseas buyers. 'The market is now perhaps slightly slow with sluggish transaction volume, but prices remain high. We have confidence in the market and it is time to grow our network and size strategically,' he says.
Hong Kong Property is opening more outlets in locations catering to the needs of luxury property owners and buyers. After opening its Superior Home branch covering the New Territories last month, the firm plans to open similar outlets on Hong Kong Island and in Kowloon in the coming quarter.
'We have seen a significant increase in the number of families earning a monthly income of more than HK$100,000 over the years. That means many people are financially strong to upgrade and move into bigger properties. At the same time, strong overseas buying demand, especially from mainland investors, will continue to drive the luxury residential market,' Ng says.
Hong Kong Property intends to increase its workforce and retail network by up to 20 per cent during its expansion, with its outlets numbering more than 100 by next year.
