Hong Kong Home Values Defying Gravity

According to reports out of Hong Kong the local property market continues to move ever upwards. Analysts have frequently dismissed the stamina in the local market claiming it would have to recalibrate and one of these years they may be correct but for now the numbers speak for themselves.

An 863 sq ft unit in the densely packed South Horizons private estate, located a stones throw from the famous Jumbo floating restaurant in Aberdeen harbour, recently sold for HK$14.88 million or HK$17,200 per sellable square foot making it the highest apartment ever sold in that development.

Last month the Asian Wealth Times reported that 39 Conduit Road had sold for a record price of HK$433.8 million or HK$93,000 a square foot.

The Hong Kong residential price rises are not confined to just private estates and luxury condos though with reports that both Home Ownership Scheme and public rental units are now also breaking through to new price levels.

The recent strong run in the Hang Seng Index will bring more liquidity into the property market and with doubts that the Federal Reserve will be raising rates anytime soon the animal that is the Hong Kong real estate market looks like it will be running feral for a while yet.

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