Did property prices on Park Island hit a new high?
Agents on Ma Wan say asking prices hit all time high since this weekend, especially as people are seeking more space and more bedrooms as the work from home trend continues. They also complain that as soon as they find buyers, the sellers will put up their prices, which must be incredibly annoying both for buyers and for agents. Yet HSBC and Standard Chartered property valuations for Park Island are still below record valuations that we had a few years ago, so that makes it even harder for buyers to get finance. (Maybe to deliberately push buyers to new developments?) Who is correct I guess time will tell. But hold on to your hats. As an expat in Hong Kong for many years I have seen in the past how Hong Kongers can behave when it comes to property, It can get crazy once it gets to a certain point of demand where they all turn into a frenzy!