Tag Archives: Property prices

Hong Kong home prices set for record

Hong Kong’s homes, already the world’s most expensive, are set to reach new record highs this year, according to financial giant JP Morgan. As quoted in SCMP, the city is expected to see its housing market continue to inflate this year, with prices likely to rise by another 10%-20%, JP Morgan’s head of Asian property research, Cusson Leung, says.

Quantitative easing – more money in the hands of investors, in other words – and short supply, combined with demand from local users, are driving the market’s climb, Leung says.

This is despite “real and painful” talk of Hongkongers leaving the city, as a Bloomberg opinion piece states, following the protests of 2019 and the implementation of new national security legislation. Leung questions whether people leaving Hong Kong are mostly home-owners, and if they are, how many would be selling their properties now.

On a more light-hearted note, the SCMP also carried a report comparing the cost of a luxury flat in Hong Kong and an ancient Italian castle, asking whether anyone would rather live like a duke or squeeze into a few thousand square feet of space.

More on prices and living like a duke.

Developers rush to cash in on Shenzhen’s new status

It is known as the “818” policy, after the day on which Shenzhen was given its status as a Pioneering Zone for Socialism with Chinese Characteristics. Since August 18, the city’s property developers have been celebrating by releasing a flood of new homes onto the market, raising expectations of a surge in housing-based prosperity.

So far, it hasn’t happened. New data from Shenzhen shows that the supply of new homes in September expanded by nearly 150% month-on-month, as developers brought 533,500 sqm of space onto the market. Yet transactions dropped, totaling 2,748, down 9.55% over August.

Continue reading Developers rush to cash in on Shenzhen’s new status