AP: Hong Kong Island luxury rose 10% this year

In the second half of 2017, a large number of luxury mansions started to be traded, attracting the most sought-after properties in the traditional mansion areas. APF expects luxury property prices in Hong Kong Island to record an increase of over 10% over this year, about 5% to 10% % Increase margin.

According to Midland Realty data, the number of first-class and second-hand private residential properties on Hong Kong Island registered about 11,000 last year with a turnover of over $ 150 billion. Among them, a total of 155 transactions were recorded in the Peak South last year, involving about 30.3 billion yuan and recorded a turnover of more than 30 billion yuan again after 2016.

Au Hong Kong, a director of Midland Realty Hong Kong Island, said that there were about 1,850 new supply for the Peak District Southern District this year, many of whom are luxury mansions.

Peak South Newmarket pricing up 20%

Pricing is expected to rise 15% to 20% under the developers ‘reluctant sellers’ deployment. The annual turnover is also expected to exceed 300 billion yuan again.

In order to avoid spicy taxes, many buyers chose to buy their properties by way of share transfer. Last year, 34 cases were recorded, up 36% year-on-year. Eurovision expects this year’s turnover in Peak South to increase by 30% . Luxury homes in the area are highly sought after by mainland buyers, accounting for about 10% of the total turnover. Many of them have obtained Hong Kong identity cards, but the business they hold is still located in the Mainland.