• Engel & Völkers opens first shop in China s special administrative region
• Government introduces measures to prevent housing bubble from bursting
Hamburg, 17 December 2009. Hong Kong boasts one of the most exciting and dynamic real estate markets in the world. The scarcity of living space in the city means that peak property prices there can reach up to 50,000 euros per square metre. We forecast an ongoing rise in these real estate prices, said Ginn Lai, Managing Director of the Engel & Völkers shop in Hong Kong.
Governmental initiatives to prevent bubble burst
Besides approximately 7,600 high-rise apartment towers, the real estate market in Hong Kong also boasts some of the most exclusive private homes in the world. According to an estimate by Engel & Völkers, residential property has risen in value by around 30 percent since the beginning of 2009. This figure is more like 40 percent in the luxury property segment, Mr. Lai pointed out. In order to curtail speculation and prevent the market from collapsing, Hong Kong s government has now raised down-payment requirements on mortgages for homes to 40 percent from 30 percent of the purchase price.
Clients keen to realise investment opportunities
The Engel & Völkers residential property shop, which has just opened its doors in the city, has got off to a very promising start. Wealthy individuals from the Chinese mainland looking for sound investment opportunities make up the main bulk of our client base, commented Ginn Lai. The shop is situated in the immediate proximity to Hong Kong s business and financial district. Together with his two employees, Mr. Lai is now providing consultancy services regarding all aspects of the leasehold and sale of residential real estate.
For further information please contact:
ENGEL & VÖLKERS
Bettina Princess Wittgenstein
Phone: +49 40-36 13 11 20