Opportunities in the Asian Real Estate Market in 2023!
In the past few weeks, Hong Kong’s real estate market has experienced a revival in activity, largely because of the introduction of Government incentives, the borders reopening, and an increased assurance in the economy. Home-buyers are beginning to recognize the potential of the city once again.
Recently Sino Land’s St. George Mansions sold 10 apartments for a combined HK$950M. An apartment in Evergreen Villa on Stubbs Road went for more than HK$60M and four buyers have acquired properties of over HK$80M in Kai Tak. This suggests a positive attitude towards the residential real estate in Hong Kong, with this pattern likely to continue.
Despite a strengthening US economy and rising geo-political tensions, the global outlook for 2023 is uncertain, with further interest rate increases possibly leading to a recession.
Asian countries and China, however, appear to be heading in a positive direction, albeit this could mean less capital inflow from international investors in the short-term.