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Mainland Chinese buyers return to Hong Kong’s luxury property market amid signs of a pickup in activity
- A penthouse at Mont Verra in Kowloon Tong sold for HK$619 million (US$79.2 million), while a home at 8 Mount Nicholson Road on The Peak fetched HK$600 million
- A total of 247 luxury units, comprising 55 houses and 192 flats, are likely to hit the market this year, according to CBRE
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Hong Kong’s luxury property segment is showing signs of a revival, with mainland Chinese buyers returning to the market after an absence of a few years because of the pandemic.
Market observers expect developers to ramp up the supply of luxury property amid increasing demand and likelihood of a potential decline in interest rates later this year.
Two brand new properties totalling HK$1.2 billion (US$153.5 million) were bought by different mainland Chinese buyers last week, according to Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong.
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A 8,583 sq ft duplex penthouse at Kerry Properties’ Mont Verra, in Beacon Hill, Kowloon Tong, was sold by tender for HK$619 million, or HK$72,119 per square foot.
Another luxury villa developed by Wharf Holdings and Nan Fung Group, a 4,579 sq ft unit at 8 Mount Nicholson Road, The Peak, was also sold by tender for HK$600 million, or HK$131,033 per square foot. An identical property in the development fetched the same price in 2017, making it Asia’s most expensive residence.
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