HK Luxury Apartments No 2 in PriceA recently published survey of property prices reveals that Hong Kong is the second most expensive city in the world for luxury apartments."The data collected in February for the report showed Hong Kong as occupying the second position in the world after Tokyo in terms of price of typical luxury apartments of up to 148.6 square metres," said Frank Marriott, managing director of FPDSavills Realty Limited, in discussing the latest international report from Corcoran.com Global Real Estate, a firm in the United States. Hong Kong property has maintained its status and is still enormously valuable, Marriott said. FPDSavills supplies information on the Hong Kong property market for the Corcoran reports. Hong Kong has moved up from fifth place in 1998 to third place in 1999 and to second place at the beginning of this year. "This demonstrates the rapid appreciation in price that has taken place at the top end in Hong Kong, even in a much slower market with record low volumes of transactions and after the recent property turmoil when prices dropped by up to 50 per cent," Marriott said. "Indeed, the example quoted for a Hong Kong apartment in the report - an estimated US$1,220 per square foot (US$13,100 per square metre) for a two-bedroom apartment in Barker Road in Hong Kong Island, was greatly exceeded just a few days after we forwarded the Hong Kong data to Corcoran," Marriott said. The sale was announced for US$1,298 per square foot (US$13,900 per square metre). The figures indicate the tremendous resilience of the Hong Kong luxury sector, Marriott said, adding that Hong Kong's year-on-year inclusion near the top of the list indicates that luxury properties have strong value. |
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