Hong Kong’s Weekend Home Sales Jump to Eight-Year High
(Bloomberg) -- Hong Kong’s property market is showing signs of strength, with weekend home sales reaching an eight-year high.
The 10 biggest housing estates tracked by Centaline Property Agency Ltd. recorded 37 transactions in the past weekend, a number unseen since 2013, according to the firm.
A stabilizing pandemic, relaxed social distancing measures and imminent Covid-19 vaccinations have boosted buyers’ confidence in the housing market, Louis Chan, the CEO of Centaline’s residential division, said in an emailed statement.
Despite experiencing the double whammy of protests and a deadly virus in the past couple of years, the city’s residential market has remained resilient. Used home value dropped just 1.5% as of Feb. 14 from a year earlier, Centaline data show.
The property market has seen new price records recently. Last week, CK Asset Holdings Ltd. offloaded a luxury apartment for $59 million that became Asia’s most expensive flat.
Earlier this month, a consortium led by Wharf Holdings Ltd. won an upscale residential plot for the highest price ever by square feet in Hong Kong.
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