Hong kong sales on the up

A dramatic improvement in Hong Kong's residential sector has been recorded with sales reaching a 62-week high and the volume of homes available on the sales market falling to their lowest level since the financial crisis took hold...

Housing activity in Hong Kong was up 35 per cent last weekend, compared to the previous weekend, according to Midland Realty.

The greatest increase in transactions was recorded in Kowloon, up 78.6 per cent over the weekend, followed by Hong Kong Island, up 26.7 per cent, and the New Territories 15.4 per cent.

The Chief Executive of Midland's residential department, Jeffrey Ng Chong-yip, said that the surge in market activity was due to low mortgage rates and the easing of visa rules for Shenzhen residents, which has created more potential buyers.

Recent market improvement has also boosted developer confidence. The volume of newly built flats launched in March rose to a four-month high to 923, Midland noted. That compared with 756 in February and 268 in January.

"Market response to new launches has been satisfactory," said Midland Chief Analyst Buggle Lau Ka-fai. "At the same time, developers are actively selling remaining units at previous projects.

"Property sales have improved since developers adjusted prices downward and banks launched different mortgage plans to strive for more business opportunities."

Source: www.homesoverseas.co.uk/news