Concerns over an oncoming worldwide recession are affecting the appetite of potential home buyers in Hong Kong, according to the Knight Frank December 2011 Hong Kong luxury residential report.
At the same time, local and mainland banks in China have remained cautious towards mortgage lending. A number of banks raised their mortgage rates in November and early December, further hurting sentiment in the residential market.
Looking ahead to 2012 Knight Frank expects prices across all sectors to fall and rents to drop as well as some international companies downsize due to the gloomier economic outlook.
However, developers remained active in launching new luxury flats and were rewarded by encouraging responses, the report also says.
Source: PropertyWire.com
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