Hong Kong's housing market faces an imminent rise in home sales in the primary market, as scmp.com reported in a recent article with a record-setting 297 units successfully sold during the weekend. This is more than triple the amount of units compared to 12 units from the previous weekend. The Housing Society,with its Heya Aqua project, garnered the sale of 275 units from the total number reported.
In the same article, the secondary market has not been quite successful with unit sales, according to real estate agents. "Some home seekers who failed to buy a flat at Heya Aqua have looked for buying opportunities in the same area," Midland Realty's West Kowloon senior sales manager Kenny Leung said of the recent house market developments. Centa-City Leading Index according to the Centaline Property Agency shot up to 0.41 percent week to week, reaching 146.07. Home prices in Hong Kong indicated a rise of 10.3 percent in the house market since January.
In another article on opp.today, rich Chinese buyers have added to the growing swell in the Hong Kong property market. The boost has been concentrated on prime property by these foreign investors. Faced with equally low interest rates in their homeland, these Chinese investors have been actively looking overseas in the hopes of getting decent returns especially in Hong Kong and Australia.
"The Hong Kong government's best property tightening measures have failed to defend against the easing policy from People's Bank of China," Centaline Property Agency research director Wong Leung Sing has been quoted as saying. However, analysts still say that low interest rates in China and even abroad would continue pushing up prices. These rise in prices as well as sales has actually raised concern that the government of Hong Kong are seeking to come up with new market measures geared toward foreign buyers, as mentioned in the same article.
