Everything about Landscope Christie's International Real Estate and the Hong Kong luxury property market
Hong Kong -- Landscope Realty Ltd. (http://www.landscope.com), the leading luxury real estate specialist in Hong Kong, wins a Standard of Excellence Award in the 13th Annual WebAward Competition from Web Marketing Association for its outstanding achievement in web development.
The Hong Kong luxury residential market is a truly unique mechanism, with its very own market conditions, strengths and limitations. With a dearth of new land on which to build new luxury residential housing, demand outstrips supply when it comes to deluxe property exceeding 2,000 square feet. So while the rich have continued looking for, and buying, plush, luxury accommodation to call their own â€“therefore pushing up prices â€“ in stark contrast, rising unemployment and wage cuts have weakened demand causing residential rents to be pushed down further.
Despite declining rentals, sale prices of all luxury properties have recorded varying degrees of gain. High quality properties in sought after locations like The Peak, Southside and Midlevels have reclaimed more than the losses due to financial tsunami. Successful transactions of big properties involving more than $100 million are a strong manifest of the level of confidence. Rental yields on these luxury properties have slid to below 2% per annum, meaning that investors are more than willing to take rentals that are lower than mortgage payments, because they believe in the long term growth potential of this type of property.
The property market has once again defied gravity. On the back of a strong stock market surge since last March. the property market in general has outperformed other sectors. Primary sales were brisk. a scene not seen for more than a year. Sino Land's Lake Silver in Ma On Shan sold more than 70% of the total units within a week. with buyers queuing up outside the sales office until beyond midnight.
Boosted by a bustling stock market and increased liquidity in mortgage market, luxury property sales continued its buoyancy in April. Although economic statistics are still revealing the aftermath of last yearâ€™s financial tsunami, there are signs that the rates of decline in some sectors have slowed.