Home sales in Hong Kong seem to be unaffected by the weeks of protests and continuing political strife in the former British colony as apartments continue to sell like hot cakes in the area.
Developers reportedly made quick sales on new residential projects despite the crisis persisting in the region. The Double Cove Starview Prime project sold 200 of the 220 flats that hit the market Oct. 4 while the Pavilia Hill Project sold 130 of its first 132 units the same day, Bloomberg reported.
Prices also remained untouched by the uprising. New World -developers of the above mentioned projects made $41.25 million by selling just 129 flats in the Pavilia Hill project. The average asking price of flats at the development was $3,468 per square feet, according to the South China Morning Post.
Real estate agents told the publication that the demonstrations had a minimal impact on home buying activity and prices because investors believe that Occupy Central is "a short-term thing" and "buying a new home is a long-term bet."
However, experts warned that if the protests and demonstrations continue, it could take a toll on the health of Hong Kong's property market. Some agents told Bloomberg that though they saw rapid home sales amid the protests, it definitely hampered the number of people coming in to look for properties. Existing home sales also hit a new nine-week low.
Compared to other businesses, property players have been lucky when it comes to business during the uprising. The protests fuelled a shutdown of several banks, retail outlets, shopping districts and even tourism agencies. The Hang Seng index also dropped to three-month lows last week on account of the protests.
"We haven't seen anything like this happen before. Hong Kong is famous for its metropolis lifestyle and is a shopping paradise for many tourists around the world. However, the continuing protests have damaged our image as a safe travel destination and could seriously affect our economy if things drag on," Ricky Tse, chairman of the Hong Kong Inbound Tour Operators Association told The Wall Street Journal last week.
But conditions seem to be improving now as the pro-democracy crowd is thinning. Some offices and schools have already opened, USA Today reported.
Occupy Central is a peaceful protest led by professors and students of Hong Kong who are pressing for a democratic elections and the freedom to choose candidates for the 2017 elections.
"We are not seeking revolution. We just want democracy! We hope there will be no violence. It would be unfortunate if this movement ended with bloodshed and violence," Joshua Wong, a 17-year-old student leader told USA Today, Sunday.
