ASIA: High sales for new flats in Hong Kong

Sales of new flats in Hong Kong has exceeded a figure of 10,000 units in the first 2017, the highest in six-month figure since 2005. According to Hong Kong Land Registry, the institution has seen a 6% increase in residential property transactions within past one month alone.

Aggressive home financing schemes offered by developers as well as higher mortgage loans offered by banks have boosted sales of these new flats. Ricacorp Property, one of the largest real estate brokers in Hong Kong, estimated the sales could also exceed 10,000 units until the end of this year. The broker’s spokesperson mentioned that consumers’ concern of possible rise in interest rate in the coming months will keep the sales high.

According to RFi Group data from Hong Kong Retail Banking Council in H1 2017, one out of four of banked consumers in Hong Kong (26%) indicated that having their own home was one of their most important financial goals. Further, the Group’s data shows that incidence of home loan ownership has been increasing steadily in the past one year from 17% to 21% in the past one year. With home owning as being one of the top financial goals for Hong Kong consumers, the demand for housing by the local buyers will remain high as estimated.

"Ricacorp Property, one of the largest real estate brokers in Hong Kong estimated the sales could also exceed 10,000 units until the end of this year."

 

Upcoming Events
13
Nov
19
ARCA National Conference 2019
Benowa, QLD, Australia
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance