Hong Kong property investors buy $2.2B in flats

Between January and June, 654 buyers bought 1,794 flats worth $2.2B. This is according to Centaline Property’s data. The data was reported by the South China Morning Post.

The number of buyers and total value more than doubled from last year.

About 14% of all new flats were bought by people buying at least two units.

There are many buildings in Hong Kong.

More investors are buying flats to rent out. This is because many people from mainland China want to live in Hong Kong. Rents are going up, so small flats near universities are popular.

In April, 48% more Hong Kong homes were bought by mainland Chinese than in March.

An analyst thinks this trend will continue. More Chinese professionals will buy homes because rents are rising.

Home prices in Hong Kong have gone up for 10 months in a row.

A property expert said investors are important buyers in the market. This is because Hong Kong stopped cooling measures two years ago.

Most bulk purchases were in areas good for renting. One development had 29 deals covering 95 flats worth $85M.

Two other developments near universities also had many bulk transactions. These three developments had about 75% of June's bulk purchases.

Most investors bought two units. But some bought 10 or more. One investor bought 16 flats for $14M.

In June, fewer projects were launched, so bulk-buying slowed down. But an expert thinks it will pick up again in the third quarter.

Centaline thinks bulk purchases will go up in the third quarter. New projects will be launched, and investors will come back to the market after the World Cup.

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