Park Island, Ma Wan, Hong Kong

Park Island Property Prices rose 8.5% over the last month. I won't go over the many reasons for this again, as I have posted on this before, for example: http://parkislandhongkong.blogspot.com/2013/02/park-island-property-prices-are-poised.html http://parkislandhongkong.blogspot.com/2012/09/park-island-property-prices-new-records.html Click here to view the latest published statistical information on  Park Island Property Prices . Park Island property remains exceptional value at current prices compared to property in almost all other part of Hong Kong, so I would expect that prices are likely to keep rising. I will shortly post an update on the latest Park Island ferry, taxi, and bus schedules. A reminder that if you support the proposal for Private Car Parking for Park Island Residents, there is a petition you can sign here:  Park Island Resident's Car Parking Petition. That's it for now. The Park Island Blogger

According to agents on the island last week was a busy month, with lots of enquiries from potential buyers. I was sent the article below by a property agent on Park Island: Park Island Property Newspaper Article In summary, the article reports that  "small size apartment" sales broke record twice within the last month. Park Island, Block 17, Mid Floor, Flat G Size 449sqft Price sold 3.12M ($6949 per sqf) The owner brought in 2010 $2.45M and how now sold earning $1.33M up 54.8%. According to the agent, the seller is now looking at buying a larger apartment on the Park Island. My comment on that is that whilst it appear the seller made a good profit, the larger apartment will of course also have risen in price, so from that perspective his "relative gain" may not actually be that much, as apartment prices everywhere (not just on Park Island) have risen substantially since 2010.   Some of these "small size" apartments were originally...

Well as the end of the year approaches, lets see how Park Island fared in terms of property prices compared to the rest of Hong Kong.   Park Island Transactions 2011   The lower line on the graph shows the average performance of all Hong Kong properties over the 2011 year. As you can see Hong Kong prices rose around 10% in the first 4 months of 2011, and then stayed pretty much at the level for the rest of the year. Park Island prices (the upper line on the graph) rose continuously for the the first 6 months, up around 20%, and then remained at that level for the rest of the year. Transaction volume (the bottom bar graph) dropped noticeably over the last 6 months of the year both for Park Island and for Hong Kong generally. My predictions Hong Kong property prices in  2012. 1 - The Government will ease off a little on the measures that caused transaction volumes to become so low. Property agents are hurting, and so I expect property transaction volume will be 20-3...

Well, despite all the doom and gloom, it seems that prices have hit yet again a new high. Not good news for those waiting to buy, but obviously comforting for existing owners, (except those hoping for a fall so they can upgrade!). I still think that in these volitile times, you can keep your eyes out for a bargain. There must surely be sellers who have lose money in the stock market, who want to sell off, I would think. And if you look at recent sales records, you can see that some people have recently bought well below current market prices. Meanwhile, an agent I spoke to today told me that many people simply are not selling as they do not want to pay the Government tax that was imposed on people who sell within 2 years of buying. If so, I find it kind of ironic that a measure intended to stop property prices rising, has actually had the opposite effect. The agent I spoke to also told me they are noticing a pick up in people looking around, with a view to buying something before th...

Here are some photos of a Park Island apartment I came across last night in Block 1. Looks like really nice Balinese style apartment rennovation, that works well in the context of Park Island's relaxing beach lifestyle. A nicely rennovated Park Island apartment

Below is a graph which shows the performance of Park Island property transaction prices over the last year, March 2010 to March 2011. Property Prices on Park Island Based on this graph, from Centerline Property, one can see that transaction volume for Park Island apartment is around 10-20 sales a week. One can see that almost all buyers are "long term", holding the property for more than a year, rather than speculative "flip sellers". One can see a clear trend of prices rising over the last year, with a spike in prices particularly in the last month. The average price for a Park Island apartment, according to Centerline Property Data, is HKD $5800 per square foot. My casual observation is that sellers are asking around HKD $5900 to $6500 per square foot, depending on view etc, and that sellers of the "super apartments" (ie those with extra large balconies or rooftops) are asking around $10,000 per square foot. I have heard, that the new phase of v...