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Park Island Property Prices - An update

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Park Island prices are close to record highs, (but still very cheap in my opinion).

As you can see from the graph, prices on Park Island seem to be maintaining their gradual accent. The correction in October-December 2011 was I think due to the panic over Greece defaulting on its debt. As Park Island is very much end-user driven, rather then speculative, I think prices will continue, over time to steadily rise. Perhaps not as sharply as places like the Mid Levels during "hot" times, but also they will not decline as sharply during "cold" times.

Anacapri Park Island Prices Announced

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Below is the price list for Anacapri on Park Island released today by Sun Hung Kai.
The list is for the "middle apartments", which means those which are not ground floor with garden units, or top floor with roof units.
Prices seem reasonable, and are priced at between 7000 to 8000 per square foot. So for a 1000 square foot apartment in Anacapri, you are looking at around HKD $7-8 million. Really pretty good value in my opinion, and lower that what I had thought they would be given the high quality of the development.
Based on feedback from agents, it seems he top floor and ground floor prices are expected to be around 14,000 to 19,000 per square foot.



I wonder what this relatively low pricing of Anacapri reveals about the Hong Kong property market? Property transactions are low in Hong Kong and for the time being, banks require 50% or more deposit at the moment for mortgages, which I think has contributed to relatively affordable prices.
It's also well-known that the develop…

Park Island prices hit new record in 2011

Believe it of not, the two most recent sales for November for Park Island hit record prices.
An upper level apartment in Block 17, unit J, sold at $6295 per square foot on 25 November 2011. And an 23 November 2011 an upper level apartment in Block 2 unit C, sold at $6323 per square foot. Really quite suprising given the current turmoil on the global financial markets.
Rentals still seem to be between $17 to $20 per square foot range.

An update on overall Hong Kong Property prices compared to Park Island prices

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For anyone wondering how prices are doing on Park Island, I am including the graph below, which is the most recent property price trend for Hong Kong property prices right up to today.
For those of you who were hoping for a dip so you can buy, I am sorry to tell you that Park Island apartments hit a new high this month, up 2%. So much for the recent financial turmoil leading to property buying opportunities!
Further, so far this year Park Island property prices have outperformed average Hong Kong property prices, Hong Kong island property prices, Kowloon property prices, and also property prices in the New Territories.
In the above graph, Park Island prices are in the blue colour, outperforming everything. The blue line below are the average prices for Hong Kong overall. The red line is for property prices in Kowloon. And the pink line is for NT property prices.
So what is Park Island outperforming, and continuing to rise even in these recent volatile times? To me, there are a few key rea…