Hong Kong property prices surge as supply tightens

Hong Kong property prices surge as supply tightens

19 October 2009 by Staff Reporter 0 comments

A duplex flat in Hong Kong has been sold for a record price, highlighting the continued under supply in residential housing.
The flat, which is situated on the 68th floor of a development building, was sold for HK$439 million ($61.5 million).
Prices, especially for luxury homes, have rallied this year on record-low interest rates and an influx of money from China.
“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,” Hong Kong’s head of government Donald Tsang said in his annual policy speech.

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duplex flat in Hong Kong has been sold for a record price, highlighting the continued under supply in residential housing.
The flat, which is situated on the 68th floor of a development building, was sold for HK$439 million ($61.5 million).
Prices, especially for luxury homes, have rallied this year on record-low interest rates and an influx of money from China.
“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,” Hong Kong’s head of government Donald Tsang said in his annual policy speech.

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