Park Island Property on the rise again

Wow, latest data out from Centerline. Of all all the estates in Hong Kong, Park Island increased more this week than any other, rising 10.23%, averaging 9258 per square foot.

I am not sure how many transactions this is based on but it is a remarkable increase, and will surely be reflected in bank valuations next week.

The index also showed Hong Kong properties rising 2% overall this week.

Comments

  1. AnonymousJune 15, 2013 at 1:50 AM

    I HAVE SAID ALL ALONG THAT PRICES WILL GET TO 10k PSF. IF YOU LOOK AT THE QUALITY AND VALUE ANYONE BUYING NOW IS GOING TO DO VERY WELL. THESE ARE ENDUSER PRICES AND RESIDENTS, NOT MAINLAND SPECULATERS BUYING OVERPRICED RUBBISH IN TST TO LAUNDER THEIR MONEY.

    ReplyDelete
  2. AnonymousJune 15, 2013 at 1:51 AM

    Wow, what accounted for the big move? I know people are coming over and looking to buy as i have seen buyer type looking people with agents around the place, but any details on did they buy larger units, smaller ones, or how many sold recently?

    ReplyDelete
  3. AnonymousJune 15, 2013 at 1:52 AM

    Same old story. Those in the market gloating about rising prices and those priced out left to wonder if we should get in. Sigh.

    ReplyDelete
  4. AnonymousJune 15, 2013 at 2:02 AM

    I am an agent on Park Island. We use the parkisland blog to show customers photos sometimes. There have been in our records 11 transactions this month until now. One was in Anacapri. That was the highest priced one and 11m for 1100 psf.

    The more common ones to be sought after now are the ones that are 700 to 1000 psf. These are cheaper and better value for your money. Not many of the original owners left now so all the new owners will not sell so cheaply. That is a problem for agents but it is also a positive as it means buyers can know the price will go up.

    The Government tax is unwelcome so when that is removed that will be the time for the large increase to arise.

    ReplyDelete
  5. AnonymousJune 15, 2013 at 8:04 AM

    Incredible. I wish the madness in property prices end soon. Good for those who have bought in Park Island. Seems like the agent think there is strong support as most are end users.

    Transaction prices in Anacapri might skewer prices (upwards) but hopefully there are not too many transactions there since buyers were predominantly end users or long term investors.

    ReplyDelete
  6. AnonymousJune 16, 2013 at 12:46 AM

    3 factors at play here. 1, China. 2 US economy and QE. 3 Will they build an MTR to Park Island or not, or allow cars to enter. Those are your factors to determine where prices will go from here.

    ReplyDelete
  7. AnonymousJune 16, 2013 at 5:24 AM

    tend to agree. not sure when but at some point the HK economy will get back on fire, and at that point limited supply will lead to rocketing up of prices.

    ReplyDelete

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