A commonly used phrase these days is “to be in the right place at the right time”. We’ve certainly used it more than once. The Hong Kong sales property market has seen some prices falling since 2015 and is expected to slide further by Q4 2016. High interest rates, falling stock market and uncertain economic conditions are the key factors influencing the drop in property sales prices. Developers are continuing to offer cash rebates, mortgages and other benefits for buyers to keep the momentum flowing. One of Hong Kong’s largest developers sold 40 units within hours of its launch just after Easter. Seeing this kind of success, buyers are slowly becoming confident again and re-entering the residential market, showing interest to purchase lucrative properties.
The leasing market is in its peak season and despite many reports saying prices are falling of 15 percent or more, landlords of prime properties are rather keen to keep their face rentals untouched. With supply being less than the current demand, it’s not the time when we often see “bargain” rentals being transacted. On the other hand, a number of landlords are aware of the downward pressure on the rental market and hence are showing more flexibility in renewing leases at competitive rentals and lease terms.
Prestigious Residence
District: Pok Fu Lam
Sale Price: HK$55M
Size: 1,886 sq. ft
Bedrooms: 4 (2 ensuite)
Bathrooms: 3
A large balcony offers exquisite prime waterfront ocean views, while the interiors boast long-wearing natural marbled stone floors throughout. High-end appliances in the spacious kitchen make it ideal for home catering.
Low-rise Colonial
District: Mid-Levels East
Sale/Rental: $38M / $88K
Size: 2,199 sq. ft
Bedrooms: 4 (3)
Bathrooms: 3
This rare available colonial apartment is beautiful with a high standard of finishing. The block has one unit per floor, and a car parking space, with easy access to Kennedy Road, Wan Chai and Happy Valley.
Designer Gem
District: Mid-Levels East
Rental Price: $135K
Size: 2,375 sq. ft
Bedrooms: 3 + study
Bathrooms: 2.5
This tasteful designer duplex offers the option of being furnished or not. A spacious living room features stunning six-metre-high windows, highlighting the bird’s-eye views of the racecourse, city skyline, and Victoria Harbour.
Scenic Heights
District : Mid-levels West
Rental Price: $85K incl.
Size: 1,040 sq. ft
Bedrooms: 3(1)
Bathrooms: 2
An interior staircase leads to a roof terrace with amazing 180 degree views of the harbour and the hills. The property features modern renovations throughout and is located within walking distance of the Mid-Levels escalator for easy access to Central.
Spacious Duplex
District: Mid-Levels Central
Rental Price: $180K
Size: 3,014 sq. ft
Bedrooms: 4 (3)
Bathrooms: 3.5
This is a well-maintained unit set amongst the lush green environment of the prestigious Lower Peak area. It boasts expansive views over the CBD and to the harbour. Recent renovations and tremendous storage space complete the picture.
To view all properties, call Hong Kong Sotheby’s International Realty at +852 3108 2108
This story first appeared in Expat Living’s June-July 2016 issue which you can buy here and for more inspiration on buying a home in Hong Kong check out our Homes page.