Hong Kong September luxury home deals almost triple from August

HONG KONG: Luxury home registrations here almost tripled in value in September from a month earlier, according to Land Registry figures released on Oct 5.

The listing of residential units worth more than HK$10 million ($4.48 million) rose to 1,351 from 500 in August, the government said on its website.

Luxury home prices in Hong Kong climbed as much as 28% in the first nine months of the year, as low mortgage costs fuelled buying, according to Colliers International Ltd. Prices may rise by between 5% and 10% in the next six to 12 months, the global real-estate broker and manager said last month.

“The luxury home market is very active,” Buggle Lau, chief analyst at Midland Realty, said by phone on Oct 6, “Capital from the mainland and overseas is contributing.”