Leading today’s Hong Kong real estate news, secondary home prices have surged for the 21st straight month in December, and all that froth means that there was not a single case of negative homeowner equity in the city last year. Also in the headlines, retail sales are expected to stay on a growth trajectory this year, and an office floor in Central just went on the market. All these stories and more await you, if you just keep reading.
Hong Kong’s secondary home prices surged for a 21st month in December, the longest stretch of rise since 1993 and driven by strong demand for small flats.
The home price index rose 1.4 percent to 352.8 for the month, according to the Rating and Valuation Department. Prices for small flats with sizes of less than 430 square feet (40 square metres) increased at the fastest pace, growing by 1.54 percent in December. Read more>>
There were zero cases of negative homeowner equity in Hong Kong last year, for the first time on record since 2001, when the Hong Kong Monetary Authority began collecting the data.
Analyst expects home prices to stabilise this year, with no possibility of negative equity cases in the upcoming quarter. Read more>>
A floor in Central’s World Trust Tower is on sale, according to Centaline Property, a brokerage. The property is 2,869 square feet with refurbishment. The asking price for the asset is HK$56.8 million ($7.2 million), or HK$19,798 ($2,531) per square foot.
The owner purchased the property in 2008 for around HK$22.4 million ($2.86 million). The floor is currently not leased. Read more>>
After steady recovery in 2017, Hong Kong’s retail sector is expected to improve further this year given a bullish economic outlook, both globally and in China, says PWC Hong Kong.
Retail sales in Hong Kong for the first 11 months in 2017 eased up 1.8 percent over the same period in 2016, and with the traditional shopping spree toward year-end, the full-year increase could reach 3 percent. Read more>>
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