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House prices in Hong Kong have reached an all time high, joining other global real estate markets that have been supported by low mortgage rates and growing demand as the epidemic slowly abates.
The value of resale homes rose 0.65% for the week ending Aug. 8, according to Centaline Property, which began tracking prices in 1993.
The value of residential real estate has increased 8.6% since the start of the year.
Huge demand, limited supply, and low borrowing costs have fueled the world’s most expensive real estate market, even amid concerns about the city’s future following the protests and the introduction of a law on housing. national security by China last year.
The abundance of liquidity also pushed up prices in other major financial centers around the world. Residential property prices in the United States rose the most in 30 years in April, with even larger increases in many suburbs and rural areas where bidding wars rage.
House prices in New Zealand, one of the hottest markets in the world, have also increased for 31 consecutive months.
The higher prices also indicate that the potential mass immigration of residents to the UK via a new visa program has not adversely affected the property market in Hong Kong.
In addition to strong demand from domestic buyers, mainland Chinese investors are helping to boost the market. They accounted for 11.2% of purchases by value in the first four months of 2021, up from 10.5% in the same period last year, according to Midland Realty.
Prices are expected to continue rising, with Cushman & Wakefield expecting home values to rise another 5% in the second half of the year.
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