Luxury property transactions in Hong Kong rose 40 percent last year, surpassing the level seen during the 1997 property peak, according to a research report from Centaline Property Ltd.
The report said that transaction values of HK luxury properties – or those worth HK$10 million or more – totalled HK$196.67 in 2010, the highest since 1996 when the government started releasing electronic property transaction data, and higher than the HK$173.8 billion in 1997.
The number of luxury apartment transactions last year climbed 33 percent to 8,642, the highest number since 1997, when there were 9,532 transactions, said the report.
The overall value of property transactions in Hong Kong jumped 34 percent last year to the highest level since 1997, as tight supply, record low interest rates and ample liquidity helped boost prices for the second consecutive year.
Analysts said sales in the luxury residential sector were boosted by mainland Chinese buyers, who consider properties in Hong Kong as good investments.