News

Commercial Property

Staff Reporter

, Hong Kong

Published:

1 year ago

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Photo by Ben Cheung via Pexels.

Grade A building prices to fall 10% in 2024: Savills HK

High interest rates are deterring investors.

Prices of Grade A buildings in Hong Kong are expected to fall by 10% in 2024, according to a report by Savills Hong Kong.

Retail shop prices are also expected to fall by 5% over the same period.

ALSO READ: Singapore's real estate draws global investors

Interest rates are the main culprit. With rates expected to remain high until the middle of the year, only properties with high returns will be able to attract investors, says Jack Tong, Savills Hong Kong’s director of research and consultancy.

In Q4 2023, the number of Grade A en-bloc and major transactions rose 16%, involving HK$31.1b in value.

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