2023 Market Outlook - The Re-bound
What a turn around 2023 has been for Hong Kong. We are finally open, and more surprisingly China is opening faster than anyone expected. Here's our latest 2023 HK Property update, as shared by Founder & Managing Director Victoria Allan.
We are seeing the immediate impact of this in the property market with viewing activity significantly increased and Sales transaction volumes rising quickly as sentiment and confidence in HK dramatically improves. Whilst we don’t expect to see sharp price increases just yet, the bottom of the market has come and gone as prices stabilize, increasing slightly at the higher end. The lower to mid-market range is still more impacted by the higher interest rates currently in HK close to 3.5% (3.475%), over double what they were 18 months ago (1.5%).
With this, there is increased competition on available properties and we expect those buyers who don’t move quickly to be disappointed as more investors come back into the market from both HK and beyond. The recovery in the stock market, now at its highest point in 11 months is also boosting sentiment. What a difference a few months makes!
Featured Properties for Sale
Shortlist of hot properties from apartments to houses in prime locations, providing the perfect investment or upgraded living opportunity.
Lakeside South bay | Eredine The Peak | Grand House Mid-Levels | Ondina Heights The Peak | Royal Garden Repulse Bay | Shek O Village | Race Course Mansion Happy Valley | Four Winds Pok Fu Lam | Grosse Pointe Villa Stanley | Stanley Breeze
On the Leasing front we are also observing some positive news with 50% of our leasing enquiries either from new inbound or returning expats – something we have not seen for 3 years. Industries are mainly Finance, Legal, Fashion, FinTech plus US corporates who relocated staff out over the pandemic period and are now moving some of them back. We expect this to put upward pressure on rents, more towards the summer as these numbers become more significant as people relocate at the end of the school term/start of the next school year.