Business
Resurgence in Confidence Triggers Price Increase in Hong Kong Property Market: Chinachem Group Leads with Echo House
The real estate market in Hong Kong is witnessing a spike in prices as the confidence bounces back, leading to a boom in sales. Chinachem Group, the company behind the development of Echo House, has hiked the cost of the subsequent set of 50 apartments by roughly 4 per cent, in response to a sudden and significant rise in demand.
Developers in Hong Kong are progressively hiking up prices as they grow more optimistic about the city's real estate market's future. This follows a series of steps that have encouraged potential purchasers to enter the market.
The group of 50 properties will carry an average cost of HK$15,440 (US$1,987) per square foot post-discounts, a 3.7 per cent increase from the initial HK$14,888 listing. Echo House is a collaborative project with the Urban Renewal Authority.
The sales volume of newly constructed properties has notably risen, indicating strong activity as purchasers are eagerly participating in the market. This allows builders to subtly raise their prices.
According to real estate agents, the initial 50 units of Echo House that were launched last week were priced at the lowest rates in the area since 2016. This was when Henderson Land introduced its Park One project, setting the cost at HK$13,000 per square foot.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.