Hong Kong’s home prices have jumped to a record high, joining other global real estate markets that are soaring on low mortgage rates and rising demand as the Covid-19 pandemic slowly recedes.
Values for resale houses rose 0.65 per cent for the week ending August 8, according to Centaline Property Agency, which started tracking prices in 1993.
The last record for the company's price index was set in mid-2019. Residential property values have increased 8.6 per cent since the beginning of the year.
Outsized demand, limited supply and low borrowing costs have fuelled the world’s most expensive property market.
The abundance of liquidity has also resulted in soaring prices in other major financial centres around the world. US residential property prices jumped the most in 30 years in April, with even more dramatic rises in many suburban and rural areas where bidding wars are common. Home prices in New Zealand, one of the world’s hottest markets, have risen for 31 straight months.
The rising prices also signal that a potential exodus of residents to the UK via a new visa programme hasn’t hurt the real estate market in Hong Kong.
In addition to the strong demand from local buyers, mainland Chinese investors are helping boost the market. They made up 11.2 per cent of purchases by value in the first four months of 2021, up from 10.5 per cent in the same period last year, according to Midland Realty.
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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The Vines - In Miracle Land
Two stars
Zayed Sustainability Prize
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The UN General Assembly President in quotes:
YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”
PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”
OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”
REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”
