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

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.

Park Island Property Prices
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 reasons.

First, PI is coming from a low base. Park Island apartments are still relatively cheap, and provide excellent value for money, so obviously as people become more familiar with Ma Wan and Park Island they will want to move here and that will push up prices.

Secondly, my feeling is that there is very little "speculation" on Park Island. What I mean by that is that the people buying here tend to be genuine buyers purchasing property for self use and occupation. We don't have much "hot money" going into property - at least not yet.

My advice to anyone who is renting here, or who wants to move here, is to buy now. I feel there is still significant upside here, given the prices compared to better known parts of Hong Kong. The data in the Hong Kong property tend price graph confirms that.  

Comments

  1. AnonymousAugust 28, 2011 at 7:12 PM

    I think you are probably right about your views. Over the most recent weekend I saw quite a few couples who were foreigners walking around with agents, not sure if they were renting or looking to buy.

    I also saw 2 mainlanders who were with an agent in my building lobby and I overheard they were buying 2 apartments, one in the mans name and one in the wifes name.

    Also, did you not notice that its not just more Westerners, but also it seems many people Korea expat are moving to Park Island.

    ReplyDelete

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