Lifestyle

Central's Record-Breaking Property Market

Central

As Hong kong’s central business district, Central has a multitude of international corporations and an array of skyscrapers, making it one of the world’s most expensive places to work and live. Despite the extremely expensive rental market, Central continues to be a much coveted location for corporate workers and expatriates. With office and commercial spaces in the area perpetually in high demand, Central’s luxury home market also flourishes.

On the other hand, Central’s nearby Mid-Levels also poses as a viable option for the affluent community as it has traditionally been marketed as an upscale neighbourhood with a beautiful, green environment, a vantage view over Central and high-efficiency homes. The area also boasts a highly developed transport system, an abundance of dining and retail options and is home to a number of prestigious schools. In addition, its proximity to Central attracts many white-collar corporate workers to live here, giving the local luxury homes solid appreciation potential and resistance to depreciation.

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>> Central: The 'it' District
>> Selected Properties in Central
>> Life in the centre - Mid Levels Central

Grace Oh, deputy director of Engel & Völkers, tells us that the Mid-Levels area has always experienced a robust property market, and is expected to be the same in 2018. The annual appreciation rate of these homes is up to 10%, while units over 2,000 square feet are the most desirable amongst buyers. Oh lists Grenville House, Garden Terrace and Kennedy Heights as some of the most popular estates, adding that Mid-Levels’ home prices are likely to set new records this year but available units are rare.

As the market is warming up, the luxury home sector, which usually enjoys a higher stability rate, will likely see more record-breaking deals this year. Oh mentions that back in 2014, she closed a HK$110-million, record-breaking deal for a unit in Estoril Court, and she predicts that the next new record in the same estate could reach HK$140 million.

Things to Know Before Moving into Central

Great School Net

The area belongs to primary school net 11, which includes Sacred Heart Canossian School, King's College Old Boys' Association Primary School, and Saint Stephen's Girls' Primary School and Kindergarten. Its secondary school net belongs to Central and Western District with St. Paul's Co-educational College, King's College, and Ying Wa Girls' School. The University of Hong Kong is also situated in the neighbourhood.

Traffic Restrictions 

Despite its highly advanced transport system, Central, as the heart of Hong Kong, is often the designated area for holiday celebrations and major events, parades, races, marathons and carnivals; therefore the area experiences extreme but temporary traffic restrictions as well as changes in transport arrangements, which may affect residents’ commute.


Central

Burglaries

Being home to the rich and powerful also means that Mid-Levels is a prime target for burglars. Burglaries happen from time to time in the area and estates that are going through exterior renovations can be more vulnerable as burglars may use scaffolds to enter apartments.

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