Market Insight - Hong Kong's hot property market

Hong Kong property market

Developments have been popping up constantly this year. The number of sales and purchase registrations of the first 11 months of 2017 have already exceeded last year’s quantity.

In the first 11 months of 2017, first-hand registration records amounted to 18,088 cases – higher than the total number of the previous year which was 17,922. The historical record high is constantly rewritten, and reached HK$223.9 billion, making it the highest amount of cases in the last ten years.

In saying that, the announcement of Lam’s recent Policy Address has put light towards the housing measures and strategies. The property market remains extremely popular with the amount of land sales being tremendously successful. Major developments like Pavilia Bay, Ocean Pride, Parc City, Cullinan West, Oasis Kai Tak and Wings at Sea, all sold out shortly after their release and it is predicted that the property market’s key developers will continue to launch more units in the near future. Furthermore, there will be a handful of brand new developments and luxury projects to be launched towards the end of the year.

Based on the several price lists released in the last couple months, the trend seems to see developers chasing sales volume and selling the units at higher prices. Even though not all microunits can be sold at once, some buyers do buy more than one unit. Many of the luxury apartments are selling by tender at the end of the year, however the supply is short, making the price of luxury units skyrocket and breaking yet another historical high, and this is expected to continue for quite some time.