The luxury property sales market continued its lull in the summer. There were sporadic transactions in the Southside, nothing significant in value. In Midlevels and Happy Valley, sales were just a fraction of the heyday; and again, nothing exciting. We don’t expect to see any significant change in status quo for the remainder of the year.
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Like it or not, the market is not moving in the direction most people would prefer it to. It’s cliché again the market is plagued by the adverse affects of a tight monetary policy on the Mainland, declining stock market, high oil price and surging inflation. The property market is feeling the pain, with dwindled sales across the board and softened price in many upscale locations.
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Landscope Realty is pleased to announce today the sale of a low floor unit in Babington House, 5 Babington Path, Midlevels West, Hong Kong.
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Landscope Realty is pleased to announce the sale today of a mid-floor apartment at Amber Garden, 70-72 Kennedy Road, Midlevels East, Hong Kong for $17,180,000.
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There are strong signals from the US that the interest rate reduction may be coming to a halt, as various indicators are showing a declining economy. It is too early to tell if the rate will reverse its direction immediately when inflation is gathering momentum. One thing is for sure, the US government is caught in a dilemma. The struggling economy needs low financial cost to bail itself out of recession, but inflation is feared to spin out of control if not reined in by higher interest rate and tighter credit control.
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