Hong Kong recorded 60 property sales valued over USD10 million in the first half of 2020
Hong Kong continues to be the favoured destination for luxury properties worth more than USD 10 million, reported the South China Morning Post, citing findings from the Knight Frank Hong Kong. The uncertain economic situation, however, prompted investors to postpone making major purchases, leading to a 50 percent drop in the number of transactions in the first half of 2020.
The region registered 60 residential transactions in the first half, which is about 61.3 percent lower than the 155 recorded a year before. Nevertheless, the real estate consultancy noted that the number of transactions in Hong Kong was 15.4 percent higher than Los Angeles that came in second on the list.
“Against the backdrop of quantitative easing in different parts of the world, luxury residential assets are [a] good store of value for investors,” explained Maggie Lee, the senior director and head of residential agency at Knight Frank Hong Kong.
“Coupled with the scarcity [of] luxury homes in Hong Kong, the buyers are still optimistic these assets would bring capital appreciation over a longer-term period,” she added.
Hong Kong’s ranking as the first on the list of preferred destinations for luxury housing across the world is a sign that our premier developers who garnered several accolades at the PropertyGuru Asia Property Awards (China – Hong Kong) 2019, namely HKR International Limited, Couture Homes Properties Limited, Grosvenor Asia Pacific, Asia Standard International Group Limited, Henderson Land Development Company Limited, may soon be able to weather the storm that is COVID-19.
If you know of any developers or real estate projects in Hong Kong that deserve to receive our prestigious awards, particularly during these trying times, nominate them for the PropertyGuru Asia Property Awards (China – Hong Kong) on or before 4 September 2020! Simply visit asiapropertyawards.com/en/award/asia-property-awards-hongkong/ for more details.
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