{"id":23607,"date":"2016-08-22T18:18:45","date_gmt":"2016-08-22T11:18:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-luxury-market-will-fall-but-how-much\/"},"modified":"2016-08-22T18:34:14","modified_gmt":"2016-08-22T11:34:14","slug":"hong-kongs-luxury-market-will-fall-but-how-much","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-luxury-market-will-fall-but-how-much\/","title":{"rendered":"Hong Kong\u2019s luxury market will fall, but how much?"},"content":{"rendered":"


\nFrom The Peak to Island South, a gradual downward slope in luxury home prices is to be expected in Hong Kong
\nView from Jardine\u2019s Lookout. Luxury home values slightly declined in the neighbourhood in July, according to Knight Frank. Image credit: Rat007 \/ Shutterstock.com
\nLuxury property values in Hong Kong will continue its decline for the rest of the year, but it won\u2019t be a precipitous drop, property consultants maintain.
\nIn a new report, Knight Frank predicts home prices in the Chinese SAR to decline by 5 percent to 10 percent for the rest of the 2016. However, the decline will transpire on a \u201cgradual downward slope,\u201d according to David Ji, Knight Frank\u2019s director and head of research and consultancy for Greater China.
\n\u201cIf you look at the similar price trends in the mass market, which goes up and down, a sector impacted by various financial crises, policies and so forth, [in comparison]the prices in the luxury sector has been stable,\u201d Ji told Forbes.
\nOf the five wealthy neighbourhoods tracked by the Knight Frank report, Pokfulam showed the steepest fall, with values decreasing 13.9 percent year-on-year to HKD21,728 (USD2,802) per square foot. Island South also registered an 8.7 percent fall over the past year, followed by Mid-Levels at 8 percent and The Peak at 5.7 percent.
\nMore: This is the reason mainland China buyers converge in Hong Kong
\nLuxury home values in Jardine\u2019s Lookout and Happy Valley saw the only decline (-0.7 percent) among the five areas surveyed. Year-on-year, the area saw tumbles by as much as 5.3 percent.
\nRental values remained stable in the Peak and Mid-Levels in July, the report also showed.
\nIn anticipation of a hike in Fed rates by the end of the year, developers are expected to continue offering aggressive mortgage schemes and deep bargains to unload inventory, Knight Frank predicted.
\n\u201cI think U.S. interest rates movement has bigger impact on buying luxury units than the general economy but we have to wait and see as Hong Kong is such a service-orientated economy now, so it depends on what the market is doing,\u201d Ji told Forbes.
\nRead next: With banking expats leaving, who will rent Hong Kong luxury apartments?
\n
\nSource : property-report.com
\nRead more…Hong Kong\u2019s luxury market will fall, but how much?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From The Peak to Island South, a gradual downward slope in luxury home prices is...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23607","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-68L","jetpack-related-posts":[{"id":29349,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/plot-twist-hong-kong-property-prices-may-not-fall-this-year\/","url_meta":{"origin":23607,"position":0},"title":"Plot twist: Hong Kong property prices may not fall this year","date":"October 10, 2016","format":false,"excerpt":"\r In fact, prices in the Chinese SAR could rise in 2017 Tourist tram at the Peak, Hong Kong. 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Image credit: Gordon Wrigley (Flickr) While property investors in APAC have traditionally planted the most money in Japan and Australia, a dearth of prime assets has prompted a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100743,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-the-worlds-hottest-luxury-property-market-while-vancouver-ranks-worst-says-knight-frank-global-index\/","url_meta":{"origin":23607,"position":5},"title":"Singapore the world\u2019s hottest luxury property market, while Vancouver ranks worst, says Knight Frank global index","date":"October 31, 2018","format":false,"excerpt":"\r Singapore\u2019s luxury home prices have surged to become the world\u2019s fastest appreciating market globally, overtaking Hong Kong where price growth has cooled such that it no longer ranks in the top dozen cities by price momentum, according to Knight Frank LLP. 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