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Market Watch - Luxury Property Market Blog by Landscope Christies International Real Estate
Everything about Landscope Christies International Real Estate and the Hong Kong luxury property market
May 9, 2012
House Hunt
Filed in Market Watch
Hong Kong Island is home to more than 65 per cent of the territory’s luxury residential properties. This tiny island is home to the largest, most expensive residences in the financial hub of Asia. Of these luxury homes on the Island, there are only 2,200 houses, represented by 300 single lot houses and 1,900 townhouses.April 5, 2012
New Era
Filed in Market Watch
This year will go down in Hong Kong’s real estate history as the beginning of a new era, when the ecology of the market changes as the newly-elected Chief Executive of Hong Kong SAR, Leung Chun-ying, takes over the reins from Donald Tsang on 1 July, 2012.March 9, 2012
Why do you need an estate agent?
Filed in Market Watch
Some people think estate agents are not necessary, citing poor service standards or even complete lack of service at some agents, as well as the availability of many free property websites that carry a large number of property listings. I have sometimes heard assertions that estate agents can be dispensed with in Hong Kong’s transparent and mature market. I think, however, these people have confused functionality with service quality.
February 8, 2012
Numbers Talk
Filed in Market Watch
Recently, government officials have been rejoicing over the decline of property prices in the last six months, attributing the market softening to a series of clampdown measures against property speculation which they put in place in late 2010. These measures include, among other things, the introduction of a Special Stamp Duty (up to 15 per cent additional stamp duty levy if the property is resold within two years of purchase) and the lowering of mortgage ceilings by 10 percentage points (which means for luxury properties the loan to value ratio is 50 per cent).
January 12, 2012
Market Realities
Filed in Market Watch
2012 started with a gloomy outlook amid the hitherto unresolved Euro debt crisis and China’s decelerating economy; as investment sentiment in Hong Kong hit a low in recent years. It has become a majority view that the local economy will slide for the whole of this and possibly next year too. Against this backdrop, investors are staying put and end users are pushing back purchase decisions. In the high-end residential market, desperate sellers are widening negotiation margins to 10 per cent or more, where they used to be no more than five per cent.