Home prices in Hong Kong are skyrocketing, with sales of new homes at their highest in 21 years, according to Centaline Property Agency, a Hong Kong-based real estate agency.
Sales of residential units rose to 7,060 in April from 5,856 in March, according to data culled from the country’s Land Registry. The data released on Friday shows that the total transaction value for residential units alone in Hong Kong was nearly HK$70 billion (US$9 billion) in April, up from March’s HK$50.4 billion (US$6.5 billion)
The number of residential transactions for properties that are HK$12 million (US$1.5 million) or more increased 72% in April from March, according to Centaline.
— Mansion Global (@MansionGlobal) May 11, 2017
New homes are driving the market, according to the firm. And sales of luxury homes are up as well, rising 6.4% in the first quarter of this year over the preceding quarter. The first quarter saw 10 HK$100 million-plus deals (US$12.9 million), data showed.
Hong Kong is now the world’s top real estate market in the luxury sector, outdoing London in 2016, according to a recent report by Christie’s International Real Estate. Hong Kong overtook London for the first time, according to the report. The British city had held the title for the previous four years, but demand from wealthy Chinese buyers has bolstered sales in Hong Kong.
Transaction records for the month of May are still being registered.
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