Showing posts from 2016

Park Island Property Prices, back to record highs!

Here's where we ended up as we head to the close of 2016.

Prices rocketed up in the latter part of 2016 to hit new highs, primarily on buyers continuing to see the great value Park Island offers.
We are now at an average price of over $11,000 psf net, and over $8,500 psf gross. The attached graph shows gross prices.
What is the difference between gross and net property prices in HK? The "saleable area", or "net area", is the actual size of a home, including balconies. The gross price is the floor area which includes both the saleable area plus a share of the common areas, bay windows and facilities). So, if you are looking purely at a measure of internal space for property in HK, go by the net area (aka saleable area). See here for a more detailed explanation: Gross sqft vs Net sqft SCMP article.
Readers may be interested to see how where we ended in 2016 compared to my predictions and forecasted extrapolations for property prices on Park Island back in 2014 Predi…

Hong Kong Property Prices and Park Island Property Price head towards new historical highs

Based on the latest Hong Kong property data Centadata property price graph Hong Kong property prices continued their upward climb, heading towards all time historical highs.

Park Island apartment prices rose over 6% last week and are now also again approaching historical highs.
It is very obvious that were not for the recent additional "cooling measures" implemented 5 November 2016 (see New HK Stamp duty for property) prices would have reached absolute new highs by end of 2016. 
It now remains to be see what effect the recent cooling measures, as well as the effect of the election of Donald Trump on HK Property. As I have explained in prior posts, from a valuation perspective, I would look at HK property as incorporating the value of every type of cooling measure, which will be "realized" on any eventual reduction of such measures.
I would expect to see somewhat of a short term dip in prices as the latest round of cooling measures take effect, but who knows, somet…

How to calculate stamp duty for Hong Kong property purchase.

The calculation of stamp duty when buying HK property is something many people are confused about. I was asked about this some time ago, and there was also a recent comment on this topic on my Park Island blog topic: What will HK property prices do suggesting that the current tax system on HK property made Park Island quite desirable in terms of value for money.
I'll try to provide a guide to HK property stamp duty in a simple way for readers.
First, you need to look at the value of the HK property you are buying. 
Below are the stamp duties to pay on buying Hong Kong property. Legally, its the buyer who pays, although you can negotiate for the seller to cover some or all of it, but as far as the HK Inland Revenue Department is concerned the buyer must pay it:
Amount or value of the consideration Rate Exceeds Does not exceed
$2,000,000 1.5% $2,000,000 $2,176,470 $30,000 + 20% of excess over $2,000,000 $2,176,470

Photos of Ma Wan Beaches

Yes, with beaches surrounding Ma Wan, there certainly are a few good beach shots worth sharing:

Pizza on Park Island

Yay, we have a new place for pizza on Ma Wan!.They are getting great reviews from residents and I can't wait to try it!

They also serve authentic Indian cuisine.

Mario's Pizza Phone Number: +852 2976 5077

Address: G/F, No. 37, Tin Liu New Village, Ma Wan, New Territories, Hong Kong

The best photos of Ma Wan and Park Island

The Facebook Group for Park Island Park Island Facebook Group (called "The Ma Wan Network) has grown into a great social tool and bulletin board for Park Island residents since it was first started.
Among the various (and numerous) posts of second hand baby prams for sale, toys, musical instruments, crockery, unwanted food items, furniture, books, etc, and among heated discussions about topics like whether prams should be allowed on buses, and passenger etiquette on Park Island public transport (ie, the ferry's and buses to and from Ma Wan), there are some fantastic photos that have been posted that, as a collection, really capture the essence, beauty, and character of Ma Wan. As a group, Park Island definitely has its share of talented Hong Kong photographers, from amateurs using hand held camera phones, to those who are clearly professional and highly skilled artistic photographers with a real eye and craft for capturing amazing shots..
The Park Island Facebook Group is cl…

Photos of Tsing Ma Bridge, Hong Kong

The Tsing Ma Bridge is spectacular, not just from a design and engineering perspective, but also when viewed from multiple angles, both day and night. At night the bridge is lit up with soft-toned lights in a range of mellow colors, making it lovely structure to view, whether from the beach or from one's balcony (if you are facing that direction). 

Photos of lightening across Hong Kong

For some reason, Park Island residents have captured some amazing photos of lightening. Although lightening can be spectacular to view from Park Island apartments, I'm not sure if this collection of photos is due to the many skilled photographers we have, or whether this is a phenomenon across HK, or whether it just chance, but in any case, here we go!

Is the Hong Kong Property market back?

There is a notable increases in agents and prospective buyers around this weekend, and the "buzz" of another possible period of property prices increases is definitely in the air. I would not say its a frenzy by any means, but definitely a notable stirring of interest and activity.
And as always, what seems to happen in HK so quickly, is that those sellers who had considered selling only a few weeks ago are putting their asking prices up in response to buyers who are now looking to get "back in", sensing that prices are moving back up.
Are we really back into upward movement in HK property prices? Possibly. 
Certainly, the outlook for interest rates increases is becoming increasingly subdued. A 25bps increases, whether it comes in December or some time in 2017 will be easily absorbed by the HK property market, except perhaps to some extent, the high end luxury market. 
Supply is still very limited, with the big increase in supply "promised" by CY Leung n…

Fishing on Park Island

Historically, fishing played a big part on Ma Wan, much as it did on many of Hong Kong's islands. The following photos capture images that I think we will look back fondly on, but which will gradually become rarer as Hong Kong modernizes.

Misc Photos - Park Island and Ma Wan

Here are some of the best photos from Park Island that I cannot categorize. Enjoy :)

 Very romantic, although I hope they cleaned up any mess and left nothing behind...

Photos of Ma Wan Sunsets

There's something about a sun setting, especially over water, that brings out a feeling of warmth, satisfaction, comfort and happiness. Perhaps especially nice if you add in a cool beer or a glass of wine. Park Islanders enjoy these views from their balconies, the beach, the outdoor swimming pools, the lawn of the Blue Blue club house, or the tree-line promenade along the seafront.

Here are some of the best pictures that capture the moment, all taken by Park Island residents: