Guess which transaction reached a whopping US$116.1m?
Home sales volumes According to Savills, residential sales volumes remain generally sluggish, although there is early evidence that the primary sales market has been reactivated by developer discounts aimed at reimbursing 70% to 80% of
the Double Stamp Duty payable by second-time and non-local buyers.
Savills noted 4 major investment transactions in Hong Kong from July-September (See Table 1).
The secondary residential sales market has not seen similar price reductions, and as a result transactions volumes remain in the doldrums.
Luxury apartment prices are expected to end the year 5% to 10% down from 2012 and we anticipate a similar correction next year as government measures take effect. Rents are recording similar falls and luxury yields have stabilised at 2.7%.
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