To get an idea of what the Hong Kong real estate market is like, think about the following. On New Year’s Eve in 2018, a buyer put down a five percent deposit for the purchase of a $92.5 million luxury house. A month later, the buyer backed out, losing a $4.6 million deposit in the process. The action speaks volumes about the unease surrounding Hong Kong’s property market. Recently, after years of steep price climbs, Hong Kong’s housing market entered a period of decline. However, some expect a turnaround.
Is the Hong Kong Real Estate Market Bursting?
It’s been a long 28-month period of sharp price increases in the Hong Kong real estate market, the longest in its history. Now that tensions seem to be cooling off, what can we expect? According to some analysts, there are a few signs of a turnaround.
Government Intervention Makes for Healthy Market
Many analysts are showing bullish sentiments regarding the HK real estate market. Perhaps, it all started in January, when the Federal Reserve stated that it would halt interest rate increases. Furthermore, China’s central bank took steps to stabilize the renminbi, while Hong Kong’s stocks bounced back. Innovative real estate companies can look to break into a recovering market.
The Time Is Perfect for Propy
Propy is particularly interested in this news. It happens to coincide with our recent successful completion of blockchain property deals in Japan. This deal attracted the attention of Hong Kong investors and many real estate professionals in the Asia-Pacific region. For a recovering market like the one in Hong Kong, Propy can help to streamline the entire real estate transaction process.