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Hong Kong property defies gloomy predictions
Last year, this time, the forecasts for the Hong Kong real estate market were as bleak as the view it gave of the territory from one of the most polluted days in Peak.
Political uncertainty, travel bans related to the Covid-19 pandemic and the UK’s decision to open the door to Hong Kong residents with British national foreign passports were expected to be wide open, with billions worth of property.
But the land property market, not for the first time, has challenged forecasts full of condemnation.
While rents have fallen, property in Hong Kong has more than doubled in April, according to Property Registry data. In the second market, house prices are on track to reach a 23-year high, according to estimates by real estate agency Centaline. Average house prices are less than 2 percent of historic highs.
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The Hong Kong skyline is seen from The Peak. (Photo: Reuters/Bobby Yip)
13 May 2021 06:00AM) Share this content
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LONDON: Forecasts for the Hong Kong property market this time last year were as gloomy as the view from the Peak overlooking the territory on one of its more polluted days.
Political uncertainty, travel bans related to the COVID-19 pandemic and the UK’s decision to open the door to Hong Kongers holding British National Overseas passports were widely expected to knock billions off property valuations.