Luxury property prices still rising in Hong Kong

Strong demand for luxury homes in Hong Kong is continuing to force prices in the sector upwards, despite a slowdown across many other parts of Asia, according to the Royal Institution of Chartered Surveyors’ (RICS) Asian Housing Review 2008.

The report says that the volume of luxury properties sold appreciated by 46% a year from 2003 to 2007, in turn forcing average luxury property prices up 142% during that time, compared to average Hong Kong property market growth of 44%.

The research, which was conducted for RICS by Savills, also found that there is strong demand for luxury housing Shanghai and Beijing.

Simon Smith of Savills Valuation and Professional Services Limited says: "At a time of volatility many of the long term trends highlighted in this report should provide us with reassurance that the 'Asian growth story' is by no means over."

Information provided by Homes Overseas | © PropertyIndex.com 2008 | Last Updated: 13 October 2008