The Hong Kong property market’s gravity-defying climb to records may be set for a reversal this year.
Hong Kong is forecast to overtake Singapore as the weakest-performing luxury residential market, with prime property prices declining an estimated 5% this year, according to a report by Knight Frank LLP of 10 global cities that was released Tuesday. Of the 10 cities analyzed, Hong Kong, Singapore and Paris are the three expected to see price declines this year.
“A number of new developments are due to come to the market in 2016,” according to the report. “This new supply coupled with a strengthening HK Dollar (pegged to the US Dollar) will see prime prices soften.”
Hong Kong’s property market has become increasingly sluggish in recent months, prompting analysts to speculate that a 12-year rally in prices may be over. Secondary residential prices in Hong Kong dropped 6.9% in the fourth quarter, the biggest quarterly slump in seven years, according to data from Centaline Property Agency Ltd. Home sales in December fell 32 percent to HK$29.8 billion ($5.4 billion) from a year earlier, the Hong Kong Land Registry said Jan 5.
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Hong Kong is forecast to overtake Singapore as the weakest-performing luxury residential market, with prime property prices declining an estimated 5% this year, according to a report by Knight Frank LLP of 10 global cities that was released Tuesday. Of the 10 cities analyzed, Hong Kong, Singapore and Paris are the three expected to see price declines this year.
“A number of new developments are due to come to the market in 2016,” according to the report. “This new supply coupled with a strengthening HK Dollar (pegged to the US Dollar) will see prime prices soften.”
Hong Kong’s property market has become increasingly sluggish in recent months, prompting analysts to speculate that a 12-year rally in prices may be over. Secondary residential prices in Hong Kong dropped 6.9% in the fourth quarter, the biggest quarterly slump in seven years, according to data from Centaline Property Agency Ltd. Home sales in December fell 32 percent to HK$29.8 billion ($5.4 billion) from a year earlier, the Hong Kong Land Registry said Jan 5.
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