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Shouson Hill, Deep Water Bay, Repulse Bay, Tai Tam and Stanley are seeing strong demand for apartments with lots of space indoors and out – ideal for pandemic-era WFH

Southside is booming: development around Wong Chuk Hang MTR will produce 5,200 mid- to upper-end flats close to new A-grade commercial space and desirable international schools

Confidence is returning to Hong Kong’s luxury residential market, putting behind it a “considerable slump” that began in the second half of 2019.

New research from property agency shows that activity began to pick up during the second half of 2020, with 20 top-end sales in the prime (homes worth more than HK$100 million) sub-markets of The Peak and Southern district, up 54 per cent year-on-year. Data collected from EPRC shows the surge has carried forward into 2021 with 30 transactions to date, a 500 per cent rise. Over the 12 months from July 2020 to June 2021, these sales realised a total of HK$12.8 billion, more than twice that (115 per cent up) achieved in the year before.

Thirty of these transactions took place in Southern district – Shouson Hill, Deep Water Bay, Repulse Bay, Tai Tam and Stanley – with 20 on The Peak.

Property agent believes that softer pricing, along with the city’s economic recovery, are driving market confidence.

“The purchasing price for luxury residential property has become more attractive, now coming in at HK$80,000 to HK$100,000 per square foot, instead of HK$80,000 to HK$150,000 in 2018,” the agent said.

“Amid growing optimism of Hong Kong’s economic recovery and the pandemic being brought under control, demand will remain healthy. We forecast a gradual price growth of three per cent for the second half of 2021.”

Another property agent said that the market evidence suggests luxury flats have become a more attractive asset type compared to houses.

“Apartments offer more flexibility and require a lower lump sum consideration, comparatively offering more opportunities,” the agent explains. “Mount Nicholson is a prime example – the mixed product offering of both houses and apartments has seen the latter achieve higher unit rates and expedited take-up.”

As for who’s buying, the agency’s data shows that both mainland Chinese and wealthy locals are equally represented.

Another property agent confirms that we are seeing a market rebound led by the Southside.

“I haven’t seen this much confidence in the market in a long time, if ever,” the agent said. “On the rental side, there’s a lack of supply of anything ready to move into, so prices there are on the rise again. Properties that meet a new set of Covid-19 home lifestyle criteria and flats ready for immediate move-in have emerged as crucial features for both buyers and tenants, with no signs of stopping in 2022.”

Though the definition of luxury property was once based solely on price, the agent notes that a shift toward incorporating lifestyle factors, which began in the early 2000s, has been cemented since the pandemic. “Prospective buyers in the HK$100 million-plus market are now demanding more interior space, extra bedrooms and external living areas, all within close proximity to amenities,” the agent said.

Anything that ticks these boxes in the “new normal” is demanding a lot of attention, The agent continues. “Flats with four bedrooms, outdoor areas and enough space for a study, office and family room are first to draw interest. There’s quite a lot of opportunity in the secondary market at the moment, particularly in properties that have outside space for entertaining at home, with views and walking access to restaurants, beaches, hiking and everyday conveniences.”

In addition to Repulse Bay and Stanley, the agent said, previously undervalued Tai Tam, Pok Fu Lam and Red Hill are seeing values rise due to their ability to fulfil these new home lifestyle demands.

“The Southside of Hong Kong continues to appeal to prospective homeowners and investors, demonstrated by South Land’s recent launch in May when flats were snapped up by homebuyers,” the agent said.

“If we hone in on the luxury property market specifically, we’re seeing the same demand, if not higher. A recent example of a sought-after Southside property we brokered was Pine Lodge in Shouson Hill, which drew five bidders and sold within three weeks at 10 per cent above the asking price.”

As prospective buyers in the HK$100 million-plus market tend toward properties with more interior space and in close proximity to outdoor areas, the Southside, with its wide views and easy access to beaches, hiking trails and eateries, continues to appeal to prospective luxury homeowners and investors, the agent believes: “Boasting neighbourhoods like Deep Water Bay, which is renowned as the most affluent residential area in the world, and home to the city’s most exclusive private clubs, the Southside is on the rise, overtaking Central’s Mid-Levels in popularity.”

However, with upcoming projects around Wong Chuk Hang MTR set to deliver about 5,200 mid- to upper-end residential units from 2022 to 2027, there will be opportunities coming onto the market at a range of price points.

The agent said that the former industrial area, now transformed into a trendy hub with “great characteristics”, also appeals for those looking to start families in Hong Kong as the neighbourhood is home to some of the city’s most prestigious international schools.

“To add to the mix, the area has seen an influx of A-grade commercial office spaces – international corporate firms that were previously non-existent are now headquartered in Wong Chuk Hang,” the agent said.

The agent believes that a variety of factors indicate that the Hong Kong luxury residential sector can expect growth to continue into 2022.

“Hong Kong is entering its third decade of low interest rates and monetary policy continues to underpin liquidity and low debt in the market to create favourable conditions,” the agent reasons. “As the Covid-19 situation stabilises, border restrictions are being incrementally relaxed and businesses are once again feeling the confidence to expand as sentiment improves.

“There will be increases across the board. We are forecasting secure capital growth as owners are willing to hold for the next five or 10 years, and so Hong Kong property as a long-term asset class is looking very attractive again.”

The property agency foresees that in the secondary luxury market, tight supply for both outright sales and for leasing will see pressure on prices maintained, with overall growth reaching five per cent year-on-year in 2021, and further gains of up to 10 per cent year-on-year expected in 2022.

Meanwhile, a market review by property agency affirms that luxury residential (defined by the agency as class-E properties with an area of 1,722 sq ft or more) as one of the bright spots of an uneven recovery in real estate.

The agent said that luxury transactions in the first half of this year had approached pre-Covid-19 levels, while luxury capital values further climbed by 3.1 per cent in the second quarter of 2021, after rising 0.8 per cent in the first quarter. This was largely attributed to the improving investment sentiment, fuelled by several primary market transactions struck at record levels amid the better-than-expected economic recovery.

The agent cites sustained end-user demand, substantial liquidity and better-than-expected economic recovery in the city as market drivers.

In the leasing market, the agent expects that the rents of luxury residential will rise 0.5 per cent in the second half of 2021, due to increased demand triggered by the shift to working from home during the pandemic.

(South China Morning Post)


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上述物業鄰近新鴻基甲級寫字樓 One Harbour Square Two Harbour Square,位處觀塘商貿區,鄰近宏利金融中心及觀塘海濱公園,步行至觀塘碼頭僅約3分鐘,徒步往地標商場apm及港鐵觀塘站需時約8分鐘。







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上址為皇后大道西421號華明中心基座,包括鋪位及寫字樓,合共約12萬方呎,另地庫58個車位,市場消息透露,剛獲中資客以每月400萬承租,平均呎租33元,新租客將大展拳腳,開設超市及食肆等生意。該宗是疫市最大宗租賃,力壓早前迪生創建承租彌敦道及西洋菜南街巨鋪,月租300萬 (建築面積1.2萬方呎)。




他解釋說,此期間丟空多時,損失租金收入,惟物業悉數交吉,剛好切合新租客的新用途!該項目於4年前,月收共240萬,今番升幅66%;該物業樓齡高 (於1985年落成),不過,實用率亦高達85%,有別於一般新商場只有約60%。