Global property consultant Knight Frank is reporting this week that Singapore leads the Q4 2022 rankings, pushing New York off the top spot. Singapore's annual rental growth grew from 23% in Q3 to 28% in Q4 2022, with limited stock and strong demand driving prices higher.
According to JLL's latest Hong Kong Residential Market Monitor report, property developers are losing appetite for acquiring luxury residential sites and have shifted their focus to mass residential sites due to slow sales velocity, increasing financing costs and longer payback periods of luxury residential developments.
According to JLL's latest Residential Market Monitor report, Hong Kong's primary residential market has a total of 79,000 new homes available, which may take about 5.4 years for developers to sell at the current sales velocity.
According to JLL, rapid U.S. rate hikes, a fifth wave of Covid-19 and ongoing weakened economic outlook have triggered the downturn in Hong Kong's housing market in late 2022.
According to international property consultant Knight Frank, house prices across 56 countries and territories are still rising at a rate of 8.8% per annum, down from 10.9% at their peak in Q1 2022.
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