Are prices softening? Are owners more flexible? Yes and no, but unfortunately it’s more of a no. Although the media continues to tease us all with the suggestion of a downward price shift, the lack of available stock currently on the market remains a reality and is consistently outweighed by demand in the hot spots of Hong Kong.
As a result, prices are inflated by 5 to 10 percent in the mass rental market. The luxury tier is where negotiation is slightly more flexible, however, even there the lack of premium stock encourages owners of rare and exclusive properties to maintain their luxury prices. The peak season has come to an end and so the diamonds are harder and harder to find.
The first-hand property market is still the talk of the town, with new developments popping up in great quantities on the Kowloon peninsula. Compared to the same period last year, however, the number of sales figures have decreased.
The secondary market has seen a few strong weeks as investors from Hong Kong and abroad have taken the end-of-season opportunity to purchase a home or investment property. Now that the effects of the cooling measures are well understood throughout the market, the momentum of investing is back on track.
District: Mid-levels Central
Rental Price: $95K
Size: 1,524 sq. ft
Bedrooms: 3 (1 ensuite)
This apartment features a spacious L-shaped living and dining room, big master bedroom that leads to a walk-in-closet, and bathrooms with granite and marble finishes.
Spectacular Sea Views
District: Pok Fu Lam
Sale/Rental: $40M / $90K incl.
Size: 1,707 sq. ft
Bedrooms: 3 (1)
A beautifully renovated, three-bedroom flat, this Pok Fu Lam pad is bright and welcoming, with great views, and a fantastic chef’s kitchen.
District: Kowloon Tong
Sale/Rental: $32M / $55K incl.
Size: 1,330 sq. ft
Bedrooms: 4 (2)
Sale Price: $14M
Size: 771 sq. ft
Bedrooms: 1 (1)
Located in Prince’s Terrace, this rare colonial-style duplex has been renovated by a renowned designer; features include an enlarged bedroom with study.
District: Discovery Bay
Sale Price: $15.5M
Size: 1,525 sq. ft
Bedrooms: 5 (1)
A one-of-a-kind combined property with a tasteful open kitchen, modern renovation and five bedrooms, making it a perfect home for a large family.
To view all properties, call Hong Kong Sotheby’s International Realty at +852 3108 2108
This story first appeared in Expat Living’s August-September 2015 issue.