Property Prices on Park Island
Below is a graph which shows the performance of Park Island property transaction prices over the last year, March 2010 to March 2011.
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| 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 villas is being sold privately by developer Sun Hong Kong Kai to VIP clients for around $16,000 per square foot.
As summer approaches, a number of residents, me included, have noted an increased "buzz" about the island, as people who have never heard of Park Island before are starting to take an interest, and coming over to look at opportunities to purchase or rent. A very typical comment from such people coming over is "I had never been to Park Island, but we know friend there who love it. So we thought be better come check it out".
Naturally, there are some existing residents for whom the increased interest attention on Park Island is not desired. I have definately heard of some residents complain that "people from HK island are coming over and pushing up prices", "the landlord is jacking up prices 30%", "mainlanders are pushing up the market" etc.
Personally, I am quite OK with the increased interest. Sun Hung Kai really has done a great job with is Park Island vision, and it seems the development is now starting to get credit for the excellent living environment it has created.
I get asked regularly from people who message this blog asking me if its a good place to invest. My own personal view is yes, Park Island is an excellent place to live, and this it follows its also an excellent investment. However, I would urge anyone who has not been over to take a look, to come over and decide for yourself. If you know a person who lives on Park Island, ask them to show you around, take a look at all the facilities etc, and then if you want to move over or invest, speak to one of the larger HK real estate agencies for guidance on what is available.
I disagree with you on average prices. We are looking at buying and the market rate is more like 6600-6900 per square foot, especially for the larger 1000 square foot apartments that we are after.
ReplyDelete7 million for a 1000 sqft Park Island apartment is still a very fair price in our opinion which is why we are buying.
Jen (and Kenneth) Phillips
I disagree with both of you. The price for 1000 sq ft is more like $8000. I am currently looking to buy so I can tell for sure this is what people are now asking for Park Island. Greedy owners will always to make that extra profit from genuine buyers like us who really want to live on Ma Wan in Park Island.
ReplyDeleteI really like Park Island. Its a very nice place to live in HK so I can see why prices are rising. To me it seems very good value for money even now.
ReplyDeletePrices are all a matter of comparison. Yes, it seems PI prices are 6500 per sq ft and upwards to 10000-12000 for those sky apartments. But, compare that to other desirable parts of HK with clean air and beaches like Repulse Bay, The Peak, its still very cheap on PI. This is the benefit of the fact that PI is still not as well known as other prestige locations.
ReplyDeleteDo you know if it is possible to rent a place from July 7 to September 7 in Park Island? Preferably a 1 bedroom, or studio.
ReplyDeleteHey i just read through your blog. I have been looking to buy on Park Island since the last few weeks. Prices are now higher then what you mentioned here it seems! I made an offer on a place this weekend, so now waiting....
ReplyDeleteSorry I also wanted to add a thanks for the helpful comments on your site. I found these really useful.
ReplyDeleteI live in Thailand but am making a move soon to Hong Kong with my family. We are now seriously considering Park Island as an option. Can you tell me how far from the airport in HK is Park Island, as I will still need to fly quite frequently.
ReplyDeleteWell you have pretty much been right on the mark in terms of predicting rising prices for Park Island. But then again, all of Hong Kong is rising. We considered Stanley, as well as Clear Water Bay, but we are now looking seriously at Park Island. How about the transport issue? We love the idea of no cars on the Estate, but we also like to have our own car, if you know what I mean ... :)
ReplyDeleteairport is 25 minutes by bus.
ReplyDeleteIs now a good time to buy on Park Island, and the HK market seems to be slowing. I wonder if now is a good time to buy before things heat up again?
ReplyDeleteLook at the prices now, down 10% of their peak.
ReplyDeleteVery cheap to buy right now IMO.
ReplyDeleteThese are all very interesting comments. If only we knew where HK property would go in terms of prices we would all be wealthy property owners. THe future of property is always never certain. I do agree that PArk ISland seems to be a good investment but this is due to the factors of its quality and its not that well known yet but people now moving there as they see how nice it is. This can not be said for all property market in HK where some places are overcroweded and overpriced.
ReplyDeletei just sold my place yesterday in Block 19 and it was only on the market for three days! I was amazed at how quickly it went as I thought it would take several weeks to even get an interested buyer.
ReplyDeleteI got a reasonable price for it (just under my asking price) which also really surprised me. It's well maintained because I live in it and I make sure it's in good condition.
But it looks over the village rather than the bridge which I always thought jacked up the prices and made my place less attractive.
So do you think the bridge view doesn't matter anymore? The overall lifestyle and environment counts for more?
I must say I have really enjoyed my time at PI. The fact that I can sit on the balcony and watch the sun set over the water and have a lovely cool breeze blowing is an unbeatable feeling. Especially in Hong Kong.
Well done on the sale. Actually I like all the views on Park Island, including the one you have over the village. I presume you do also see the ocean in the distance behind the village, which I think of course is very nice.
ReplyDeleteI do think the bridge view and ocean view places would sell at a premium, but either way, different people have different preferences and there is no single rule about what location on Park Island is best.
I am not suprised you sold you place quickly. Agents are reporting a growing increase in interest in Park Island. I think this is natural as prices there are still quite low, with lots of potential upside.
Can you let us know your size of unit and price? That would probably interest readers of this blog.
Congratulations on the sale. So will you rent now? Or buy elsewhere?