RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Luxury residential prices up 14%

The impact of the Special Stamp Duty introduced in November on all sales with a holding period of less than 24 months is said to have faded.

According to CB Richard Ellis, Hong Kong and Guangzhou were the only markets to see the growth of luxury residential prices accelerate quarter-on-quarter.

Expatriate leasing demand was particularly strong in the key cities in Greater China including Hong Kong, Beijing and Guangzhou as multinational corporations continued to expand.

In contrast, rental growth in South East Asian markets including Bangkok and Kuala Lumpur remained stagnant as slow corporate expansion resulted in limited demand in markets which have already been suffering from a large quantum of vacant accommodation.

Anton Eilers, Executive Director, CBRE Residential, Asia said, “Home buying demand is expected to remain healthy as the regional economy continues to expand. The cooling measures introduced in a number of major markets will moderate price growth of luxury residential property over the course of the year. Prices and rental growth in most South East Asian cities are expected to remain stable.”

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