Property update for prices of apartments on Park Island

Agents on Park Island are reporting that a number of "new records" for property prices, both apartments for rent and for sale were achieved this month. Transaction values also have noticably picked up after being quite low, historically, over the last year.

I'm trying to get some exact data from agents and then will put it up here.

What is happening on Park Island is probably a reflection of what is happening in general for the Hong Kong property market, which seems to be super high priced property is slowing or falling (both rentals and sales prices), with low and medium priced property continuing to increase.

Comments

  1. ShitemanAugust 19, 2012 at 12:17 AM

    This is a timely post and I can confirm that HSBC values for both Park Island and Discovery Bay have hit new highs. Not suprising as based on the low interest rate environment we have, people will continue to put cash into property rather than pay exorbatant rentals from greedy Chinese landlords.

    ReplyDelete
  2. AnonymousAugust 20, 2012 at 6:46 PM

    There was pent-up demand during the period when the new HK Chief Executive's stance on how to "suppress" high property prices was unclear. Now it seems like there is no draconian government measures to beat down prices that buyers who held back earlier have rushed into the market. With interest rates low for the next 2 years it is a real conundrum on where to invest excess cash by those fortunate cashflow positive people - buying property is an easy decision perhaps. Buy vs rent is still a much debated topic. Property prices do have cycles and some would try and time the buy decision but the difficulty persist in saving enough for the downpayment which seems to be heavier each day.

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  3. AnonymousAugust 21, 2012 at 6:59 PM

    Interesting article in SCMP today where Nicholas Brooke said that luxury properties would continue to rise while low end ones will see pressure due to government measures. Very difficult to turn-around a strong or firm market though, so the government's measure(s) may have limited impact.

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