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Luxury property values in Hong Kong will continue its decline for the rest of the year, but it won’t be a precipitous drop, property consultants maintain.
Store rents at shopping malls in Hong Kong may dip somewhat but the slide for high-end street level retail spaces has yet to bottom out.
The luxury residential segment on Hong Kong Island experienced a sluggish first quarter after rental rates fell by 4.1% as expats move away from the CBD.
Dramatically increased taxes on home sales in Hong Kong caused 2013 house sales to drop 39 percent, the lowest sales figures in 17 years, according to the Hong Kong Land Registry.
It has been reported by Bloomberg that property prices in Hong Kong could fall by as much as 20 percent from now until June 2013.
Winning the Hong Kong Alternative Car Park Tower Competition, the proposal attempts to integrate the Hong Kong City hall, the second-floor pedestrian system and the streets on the second floor.