Luxury housing prices and apartment rental rates in Hong Kong improved per quarter II/2010, after the countries in Europe to reduce the risk of the debt crisis in the European Union.
Simon Lo, Director of Research & Advisory, Colliers International Hong Kong, a property research firm, said another factor that encourages the strengthening of the Hong Kong property market is the interest rate environment which is maintained at low levels, then the weakening U.S. dollar exchange rate and asset prices depressed.
New research results released today showed throughout 2010, the residential sector has become the center of the local property market recovery. The average price of luxury housing increased by 3.7% compared with the previous quarter to HK $ 17.037 per square meter.
Housing rental rates also fueled 4.6% from last quarter to HK $ 41.94 per square meter per month in late July 2010.
Ricky Poon, Executive Director of Residential Sales Colliers International Hong Kong said the housing market of Hong Kong to perform robust in all regions in July and August 2010, although some property transactions with a value above HK $ 10 million in traditional, as in the area of The Peak , Mid-level and South Side slowed in quarter II/2010.
“The price of luxury housing are generally returned to peak levels that occurred in 1997, even some of the development of individual projects to record the transaction price exceeding their peak periods at the time,” he said.