HONG KONG • Hong Kong’s red-hot property market kicked off the year with hundreds queueing to buy flats in the first major property launch of the year yesterday, backing expectations that strong demand will further lift record prices by 5 per cent to 20 per cent over the
HONG KONG • Hong Kong’s red-hot property market kicked off the year with hundreds queueing to buy flats in the first major property launch of the year yesterday, backing expectations that strong demand will further lift record prices by 5 per cent to 20 per cent over the year.
The Asian financial hub has one of the most expensive housing markets in the world, with private home prices shattering historic records for 13 months in a row and rising almost 200 per cent since 2008.
Among some 100 pre-sale apartments offered by major local developer Sun Hung Kai Properties yesterday, the least expensive flat, at 382 sq ft, cost about HK$8 million (S$1.36 million), or HK$21,000 per sq ft, though with a certain plan, the buyer could get a discount. The flats are located about an hour away from the central business district.
“For everybody in Hong Kong, buying a flat is a life goal,” said 26-year-old Ms Chau, one of the some 600 potential buyers queueing up in the first hour.
