Due to recent concerns about a property market bubble, in October 2012 the Hong Kong government came out with new policies to curb property prices. “With the new policies, both local and overseas investors are now more hesitant to buy at the moment and therefore sales transaction volumes have reduced significantly,” said Samson Law, managing director of Hong Kong Sotheby’s International Realty. “But in this island economy, supply and demand continues to set the tone for the market in Hong Kong. There should be no reason for the market to correct drastically given the limited supply and low interest rates environment.”
In recent months, Hong Kong Sotheby’s International Realty has successfully recorded four notable sales including apartment, condo and detached houses, one of which transacted at more than $17 million (USD) and another for more than $9 million. “With our aim and focus to become the leading marketer representing the most exceptional properties in Hong Kong, we are very optimistic in the growth of the company for 2013,” said Law.
Reblogged this on Pacific Sotheby's Realty Blog.