By: Letizia Casalino, Hong Kong Sotheby's International Realty
This summer, the heatwave in Hong Kong had little impact on the property market. Contrary to earlier predictions of declining rentals and sale prices, the market on both fronts remained stable.
The leasing market continued to remain strong. Driving factors for inflating rentals were high occupancy, no oversupply and a low vacancy rate of 4 to 5 percent. Negotiation flexibility in the luxury tier continued and demand for mid-range rental properties rose with little room for negotiation.
The first-hand property market was boosted and buyers flocked to take advantage of the strategic and effective price cuts offered by the developers. Investors showed keen interest and some developments sold out very quickly.
The second-hand property market did slow down due to the boom in first-hand market, however prices were not affected. With no change expected in the cooling measures taken by the government, investors and end users are still actively in search for the hidden gems and ready to nab the right property at the right price, bearing in mind that time is of the essence.
To conclude, we feel prices will remain at current stable levels. This is due to the imbalance between demand and supply. Rents will continue to rise. The residential market is supported by many factors such as low vacancy rate, no over supply.
Po Shan Mansion
District: Mid-Levels West
Sale Price: HK$62M
Size: 2,410 sq. ft
Bedrooms: 4 (2 ensuite)
Located in a quiet area near the start of the Morning Trail to The Peak, this trendy, modern apartment has been created by well-known French interior designer Peggy Bels. Living room doors open to enjoy the large balcony, and the property includes a covered car park. Quote listing ID: 53667.
District: Causeway Bay
Sale Price: HK$14.5M
Size: 624 sq. ft
This meticulously crafted, one-bedroom apartment in Causeway Bay boasts some extraordinary views of both the harbour and the city skyline. Vacant possession or lease back option. Quote listing ID: 125537.
Luxurious & Peaceful
District: Happy Valley
Rent/Sale: HK$83K / $37.28M
Size: 1,531 sq. ft
Bedrooms: 3 (2)
Enjoy lush green views and tranquillity from the balcony of this modern apartment, which also comes with an excellent layout, lavish bathrooms and a gorgeous kitchen with a high-quality fit-out and a large oven. Quote listing ID: 112347.
District: Mid-Levels West
Rental Price: HK$64K
Size: 1,342 sq. ft
This tastefully and fully renovated apartment on Conduit Road is in triple-mint condition with high-end appliances. It’s situated in a quiet location, surrounded by greenery. Quote listing ID: 89021.
District: Mid-Levels Central
Rental Price: HK$128K
Size: 2,145 sq. ft
Features of this colonial low-rise include the generous space and neutral décor, the modern fixtures in its updated kitchen and bathrooms, and the convenient Mid-Levels location. Quote listing ID: 42021.