RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Supply of new private flats to hit 98,000 units in the next 4 years

Will it drag home prices down?

According to Knight Frank, the residential leasing market continued to see robust activity during the peak season before the start of the new school year. Some record-breaking transactions were recorded. For example, a house in The Beverly Hills in Tai Po was rented for HK$30.6 per sq ft per month, a five-year high in the development.

The US Federal Reserve decided to keep the interest rate unchanged in July, and another interest-rate hike is generally not expected during the remainder of the year.

Hong Kong’s supply of new private flats will climb to a high of 98,000 units over the next three to four years, according to The Transport and Housing Bureau, but this additional supply is unlikely to drag down home prices.

We expect residential prices to grow 2-5% during the second half of 2017, led mainly by the mass sector.

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