By: Letizia Casalino, Hong Kong Sotheby's International Realty
While Mainland China’s property market is suffering from an oversupply of property stock, Hong Kong continues to launch new developments in the primary market across many districts. These developments are fetching billions of Hong Kong dollars in just a matter of days as developers offer low-price strategies in order to offload the stock.
The volume of sales has declined in the secondary market as investors have preferred the primary market, not only due to the lower prices, but to take advantage of being able to purchase such modern apartments. This is true for both Hong Kong properties and internationally with investments in Europe or the US.
Europe has become more attractive to Hong Kong investors wanting to buy property, with the Euro losing more than 20 percent against the US dollar. The same has been seen in the hospitality industry where Asian investors have shown great interest in buying hotels across Europe.
In the leasing sector, the Western and Eastern districts of Hong Kong, as well as Mid-levels, have seen new buildings become available and “older” buildings being revamped, which promises good stock for this summer’s peak season. A few gems are seeing the light as well, offering a good mix of product for anyone who is either new in town or wishes to move from their current place. The summer season can be quite hectic, therefore any new product will attract new tenants in no time.
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Hong Kong property listings: apartments for rent and homes for sale
Open Sea View
Sale price: HK$15M
Size: 1,003 sq. ft
Bedrooms: 3 (1 ensuite)
This modern-designed apartment has a combined living and dining room that opens to a nice-sized circular balcony, ideal for enjoying alfresco moments, sunsets and sea breezes. The kitchen is well designed and equipped, and the master bedroom and two other bedrooms look out to tranquil greenery.
Top of Mid-Levels
District: Mid-Levels West
Sale price: $15M
Size: 849 sq. ft
Bedrooms: 3 (1)
Located at the top of Mid-levels, in a building that includes an outdoor pool, gym and children’s play area, this three-bedroom residence has had a chic, contemporary renovation throughout, including the superb open kitchen. It’s a great investment, close to bank valuation.
Rare on the Market
District: Happy Valley
Sale price: $25M
Size: 1,274 sq. ft
Bedrooms: 2 (1)
Ideally located in Happy Valley, close to transport options and dining establishments, this spacious two-bedroom apartment with car park has full-sized windows that provide views stretching from the nearby low-density properties in the area. There are spacious rooms throughout, with modern finishes.
District: Quarry Bay
Sale price: $20M
Size: 821 sq. ft
Bedrooms: 1 (1)
This superbly designed and conveniently located apartment is perfect for a couple. Smartly and tastefully renovated, with views to the nearby Tai Koo area, the harbour and distant Kowloon Bay, it has a spacious master bedroom, an open kitchen with built-in appliances, and a balcony off the living and dining room.
District: Repulse Bay
Sale price: $71M
Size: 1,875 sq. ft
Located in a quiet location close to the beach, this luxury three-bedroom unit in a full-service building has magnificent mountain and sea views, with a spacious and bright living and dining room with a high ceiling. The modern kitchen is equipped with top-of-the-line appliances, and there’s a balcony off the living area.