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Hong Kong Property Slump Reaches City’s Coveted Luxury Homes

  • Luxury sales at lowest in 9 years with prices to fall further
  • Even clients with cash on hand adopt wait-and-see mindset
Houses at The V Group’s Twenty Peak Road by V residential project in Hong Kong.
Houses at The V Group’s Twenty Peak Road by V residential project in Hong Kong.Photographer: Lam Yik/Bloomberg

Hong Kong, among the world’s least affordable property markets, is in a rare downturn and its extent can be seen in the stark impact on the city’s luxury real estate.

At the Repulse Bay enclave on the south side of the island where some of the world’s priciest homes are located, a 1,875 square feet (174 square meter) apartment is currently listed for HK$95,000 ($12,160) per month, 17% lower than it was leased for last year. Closer to the central business district, an advertisement taped onto the window of a real estate agency states that it’s “facing the reality” by listing an apartment for HK$30 million after a HK$2 million discount.