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Flat Prices Return Pre-September Levels
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June 29th, 2009 |
Average home prices in major housing estates
in Hong Kong have rebounded to the level
seen before the collapse of Lehman Brothers
in September last year, according to an
industry measure. The Mass Centa-City
Leading Index, which tracks secondary
transactions of less than HK$10 million in
major mass housing estates, reached 65.49 on
June 21.
That was higher than the 65.44 on September
14, 2008, the day before Lehman's collapsed,
data compiled by Centaline Property Agency
shows. Analysts attributed the quick
rebound in prices and deals to the sharp
price decline of 16.12 per cent in the
fourth quarter of last year. With almost
record-low mortgage and savings rates
helping fuel a rebound, prices in the
surveyed housing estates had surged 19.31
per cent from last year. Seven of the
10 blue-chip housing estates monitored by
Centaline have already erased last year's
price decline.
Taikoo Shing topped the chart with its
average home prices now 8.8 per cent higher
than September, followed by City One Shatin
and Mei Foo Sun Chuen, which registered 7.7
per cent and 7.1 per cent growth,
respectively. Kornhill on Island East,
Laguna City and Sceneway Garden at Lam Tin
and Whampoa Garden are 1.8 per cent to 6.6
per cent above the level seen in September
last year.
"With low mortgage costs, savings rates and
ample hot money flowing into Hong Kong, the
market outlook is positive and we believe
prices will continue to rise steadily," said
Wong Leung-sing, an associate director at
Centaline.
Source: South
China Morning Post |
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