Showing posts with the label cci index park island

Park Island Property Prices hit fresh highs

Below is the latest Centa City Index price update for Park Island.

Prices now average at $9619.55 psf net, (and over $12500 psf gross).

Prices have followed a relatively constant growth trend since 2009.

I spoke to an experienced developer's daughter last month who told me that her family believe average prices will hit over 10K psf net by Chinese new year. (By the way, this also makes it very easy to calculate price. For example a 550 net psf average apartment price would be 5.5m HKD). She expected relatively solid growth of 8% per annum over the next 2-3 years, and indicated that she would only be concerned if overall HK prices spiked up something like 20% in a year, which would in turn lead to a further fear of missing out HK-style frenzy (which would in turn eventually lead to a bubble burst). China values social stability and so would ideally like to see contained but constant, non-volatile growth for HK in a way that keeps the majority of people happy she said.

We also disc…

Centa-City Hong Kong Property Index.

A few people have emailed me noting that according to the Centa-City Hong Kong Property Index, Park Island was the largest gainer in terms of price increase over the last month. I have checked to confirm this and it seems to be correct.

Here is a snapshot of the overall Hong Kong Property market price graph:
And here is the data for Park Island property prices:

As we can see, Park Island prices jumped a massive 16.02% over the last month.

Transactions for Park Island are at a yearly high for the month of July already (according to agents I have spoken to), and July is of course still has a few weeks to go, so it seems July will have the largest volume of monthly transactions over the last year.

Basically what has happened is that the standoff between sellers who refused to reduce prices in light of cooling measures and increased stamp duty, and buyers who refuse to buy due to these increased transactions costs, has ended. Buyers, it seems have decided to grin and bear it, buying now …