The housing sales in Hong Kong remain relatively stable in January, decreasing by 1.3% on a monthly basis in the comparatively quiet period of the year. But annual sales rose by 60.4% and prices rose by 1.4% on a monthly basis, according to a monthly report by the international real estate company Knight Frank.
The prices rise 21 consecutive months, according to latest official statistics. The cumulative growth has reached 14.8% in 2017, while the Jardine Lookout and Happy Valley have seen the most significant rise in luxury housing prices last month.
The Hong Kong rental market also slows down in January, but is expected to grow in the spring, around March and April. The rentals in all luxury residential areas remained stable in January.
“Available luxury rental apartments will remain limited, as the demand will increase. Therefore, we predict that luxury housing rents will achieve a new, albeit one-digit, growth in 2018”, writes Knight Frank. The company also notes that there is a tendency for foreign families to move away from traditional luxury residential districts in other areas such as Tai Po and Tseung Kwan O, where new international schools have opened or will open. “The availability of schools combined with convenient transport and good infrastructure makes these areas more and more popular with foreign families”, adds the report.