Hong Kong Residential Sales

The luxury residential market is expected to experience another quiet year in 2014 as a result of policy headwinds and weakening buying sentiment.

January 2014

 
  • Luxury apartment prices moderated in the downcycle, falling by 7.3% for the whole year of 2013, while townhouse prices fell by 5.7%, in line with the apartment market.
  • According to Savills estimates, there were less than 100 luxury transactions in Q4/2013 and a total of around 340 transactions in 2013, down from around 900 transactions in 2012.
  • In 2013, overall townhouse prices dropped by 5.7%, with prices on The Peak and Southside declining by around 4.7% and 6.2% respectively.
  • The downward pressure on apartment prices in Kowloon Station was mainly due to high-profile price cutting at new developments.
  • Savills expects that the government will put more land up for sale in 2014 in order to meet supply targets.
 
 

Key contacts

Simon Smith

Simon Smith

Senior Director
Research & Consultancy

Savills Two Exchange Square

+852 2842 4573

 

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