The Hong Kong luxury property market has outperformed the broader market, with significant transactions maintained consistently throughout the year. Kary Poon, the Deputy Managing Director and General Manager of Hong Kong at Jardine Matheson, noted that the property market is entering a new adjustment phase in this quarter, with short-term price fluctuations expected. However, the luxury market continues to attract substantial buyers due to strong demand, likely outperforming the overall market.
Driven by the influx of talent and international students, new arrivals in Hong Kong will serve as a strong support point for the real estate market, further stimulating housing demand. Despite concerns about rate hikes and geopolitical instability, Kary Poon highlighted that the scarcity of luxury supply, particularly in prime areas, and the presence of wealthy buyers have kept the luxury market stable, with significant sales in September reaching a record high since the implementation of the new property rules in 2013. Jardine has sold 14 luxury units in the Kowloon Half Moon Bay area this year, totaling over HK$3.4 billion.
Kary Poon further elucidated that the low interest rate environment continues to support the market, aided by the government's talent attraction policies and the surge in student applications. Since last year, the number of talent application approvals has reached approximately 170,000, with over 16,000 applications under the High-Level Talent scheme. This influx of new populations, along with the rising demand from students, contributes to both rental and housing price increases. With a 100% occupancy rate for university nearby projects like THE BONHAM and The Wynveen, the market remains robust, supporting new project sales and affirming the strength of market demand. The development firm plans to launch four new projects in the coming year, reflecting its ongoing expansion strategy.