CK Asset Predicts New Property Uptrend with 12% Price Growth, Luxury Market to Outperform
SingTao · 1 SOURCESabout 2 hours ago5 MIN
Summary
CK Asset (長實) Chief Manager Kwo Tze-wai (郭子威) has declared that Hong Kong's property market has moved beyond a simple "rebound" phase and entered a genuine "new uptrend" (新升浪), driven by talent immigration and corporate executive demand. According to Kwo, overall property prices accumulated an 8% gain in the first half of 2024, with transaction volume exceeding 11,000 units for new developments . Looking ahead, CK Asset forecasts full-year price appreciation of approximately 12%, with the luxury segment potentially exceeding 15% .
Key Points
- The luxury property market is expected to deliver 15% or higher returns in 2024, significantly outperforming the broader 12% market forecast
- Government talent schemes including the Top Talent Pass Scheme (高才通) and Quality Migrant Admission Scheme (優才) have attracted mid-level executives and professionals, creating sustained demand for high-end residences
- CK Asset plans to launch two major projects in Q4: the final waterfront development "Floral Oasis" (花語海) in Kai Tak's Runway Area, and a 327-unit project in Yuen Long
- The 21 BORRETT ROAD Penthouse Suite on Top Floor, Unit 10 on Level 20, sold for over HK$380 million with two parking spaces, setting a record price-per-square-foot of HK$126,000 for the project's history and the highest among all new residential transactions this year
- Interest rate expectations suggest the US Federal Reserve may implement one rate cut before year-end, with potential for two to three additional cuts in 2025, supporting stable property market development
Why It Matters
This outlook signals renewed confidence in Hong Kong's property sector, which has been stabilizing since the full removal of cooling measures and rate cuts. The strong performance of luxury properties, driven by talent influx and corporate executive relocation, indicates a structural shift in demand patterns that could reshape the market's composition and support broader economic recovery .
This outlook signals renewed confidence in Hong Kong's property sector, which has been stabilizing since the full removal of cooling measures and rate cuts. The strong performance of luxury properties, driven by talent influx and corporate executive relocation, indicates a structural shift in demand patterns that could reshape the market's composition and support broader economic recovery .