Highest monthly sales of new homes for 21 years in Hong Kong raise fears of ever higher prices
The number of residential property transactions priced at HK$12 million or more in April surged 72 per cent. The transactions were largely driven by the highest new homes sales in 21 years
Lengthy queues to secure new homes are expected to become even longer in the second half of the year if recent statistics are an indication of what’s to come in Hong Kong’s property sector.
Sky-high prices, a slew of government cooling measures and the seemingly imminent interest rate rise have failed to dent Hongkongers’ insatiable appetite for property.
Figures from the Land Registry, compiled by estate agent Centaline Property Agency, show that in April the number of residential property transactions priced at HK$12 million or more surged 72 per cent to 934 from March. The transactions were largely driven by new homes sales, which were the highest monthly sales in 21 years.
Towards the upper end of the market, the volume of luxury house sales rose 6.4 per cent in the first quarter of this year over the preceding quarter. At least 10 HK$100 million-plus, big-ticket deals were registered in the first quarter alone.
Last year, Hong Kong overtook London as the world’s top real estate market in the luxury sector, according to a report by Christie’s International Real Estate, as it registered four home sales priced in excess of US$100 million.
Mount Nicholson, a luxury project built by Wharf and Nan Fung, saw a detached 9,950 sq ft home sell for HK$1.08 billion late last year, reportedly bought by a mainland property tycoon.
