The prices of four major housing estates in Hong Kong exceeded their 1997 highs in January, just as real estate prices showed a slight sign of easing.
Prices in Westlands Court, City Garden, Whampoa Garden in Hung Hom and Chi Fu Fa Yuen in Pok Fu Lam all surpassed their previous 1997 highs in January, according to sales data by property agency Midland Realty.
These four housing estates joined Taikoo Shing, where home prices surpassed the 1997 peak levels in September 2010, and continued to rise strongly in January.
The average price in City Garden in North Point climbed to HK$8,879 psf in January, higher than the 1997 high of HK$7,984 psf.
“Average transaction prices in another 13 housing estates are now just 10 percent below the market peak in 1997. If the rally were to continue, we will not rule out the possibility of more housing estates joining the league,” said Anita Cheung Pui-lui, Research Manager at Midland Realty.
However, the increase in home prices could slow down if the government introduces more cooling measures to control the hot property market, said Cheung.
In November, authorities announced additional stamp duties on homes resold within two years of purchase, which prompted developers to postpone the launch of new projects.