Everything about Landscope Christie's International Real Estate and the Hong Kong luxury property market
The expected spike of leasing activities in the luxury property sector did not occur in the traditional high season of May-July. In the past, this high season accounts for about half of annual turnover, because summer is traditionally when most expatriate families relocate to Hong Kong to dovetail with the school semester. This year has seen more leavers than comers, resulting in a much weaker rental demand and high vacancies.
August 1, 2012
Despite recent concerns over the Euro and the failings of many European economies, London still remains a safe haven for overseas buyers, with continued capital growth and strong yields.
With the Greek debt crisis hovering over the global financial markets and Spain getting into deeper trouble, confidence in the Euro sunk to its lowest ever. Yet itâ€™s very likely we have not seen the worst. Pessimism is the order of the day. All this has sent shock waves to other parts of the world and Asia has not been spared. What makes the picture even gloomier is the slowdown of Chinaâ€™s economy, which has been one of the major driving forces behind global economic growth in the last decade.
Hong Kong Island is home to more than 65 per cent of the territoryâ€™s luxury residential properties. This tiny island is home to the largest, most expensive residences in the financial hub of Asia. Of these luxury homes on the Island, there are only 2,200 houses, represented by 300 single lot houses and 1,900 townhouses.