By South China Morning Post | Created at 2024-12-25 23:01:30 | Updated at 2024-12-26 12:08:50
13 hours ago
Celebrities like Chow Yun-fat may have had to slash prices of their luxury homes on The Peak, Hong Kong’s most exclusive residential address, but analysts believe the worst is over and high-end homes will be back in demand next year.
The recently concluded annual meeting of China’s central economic work committee chaired by President Xi Jinping, which hinted at more aggressive and bolder policy easing to stabilise the nation’s property and stock markets next year, will boost confidence in the city’s property segment, they said.
“The luxury property market in 2025 is expected to benefit from the overall recovery of the real estate sector,” said Derek Chan, head of research at Ricacorp Properties. “And coupled with the growth of the entire Asian economy and ongoing improvement in Hong Kong’s economy, these factors are favourable for the property market next year.”
Chan said he expects luxury property prices to rise as much as 5 per cent next year, with rents for high-end property also likely to see a similar increase.
Other market observers echoed the sentiment.
Transactions are also likely to improve, said Martin Wong, senior director and head of research and consultancy for Greater China at Knight Frank.
