Property News

Short supply pushes property prices in Hong Kong

A lack of supply is behind the latest price increase across the Hong Kong property market according to recent research. Residential sales grew massively last month – total sales were more than 62 per cent higher than the previous month and sales on properties priced at HK$10 million and above increased by more than 57 per cent during the month of January as compared to December. The future supply of housing across both the public and private sectors is currently being addressed by the authorities as they assess land and property construction measures already in place but experts have warned that any new property developments will not be available for at two years hence. Demand will continue to far outstrip supply in the short term and as such the government may move to introduce further tightening measures in the face of fast rising property prices. Some commentators suggest real estate prices will increase by up to 5 per cent during the remainder of the year.