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State of the Market

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The residential property market came to a much stronger close in the last quarter of 2003.  There was an increase in transaction volume as well as stronger prices at the close of last year (with transaction prices rising above 7% and rental values rose over 2.5% compared to quarter 3 of 2003).  The final quarter activities were mainly resulted from rising property market confidence as well as local economic recovery.  The results were more apparent for Hong Kong Island high value properties mainly in the luxurious property market.

The outlook for 2004 is predicted to be on the upside.  Although many leading financial institutions have warned that the market would not overheat to the level of the pre-1997 era.  However, there is strong momentum for stable growth.  The growth in 2004 will be supported by a speculation to keep interest rate low against the US rate rise (expected for the second half of 2004) and the stronger recovery of the Hong Kong economy in view of the government taking measures to control the supply of residential properties up to the end of 2007.  With supply in control and economic recovery in the tourism and retail industries, 2004 is looking extremely positive for the residential property market in Hong Kong.

A local financial institution has forecasted that the residential property market is expected to go up in the range of 10% to 15% for 2004.

Comments by - Martin Soo

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