The Hong Kong SMART International Property & Investment Expo always attracts serious investors and coupled with the Knight Knox team having so much experience in the independent city, the expo produced a massive total of seven sales. X1 Media City was particularly well received by the locals, who were attracted by the striking design of the four towers and enviable location in the heart of technology hub MediaCityUK.
The expo was especially popular this year with investors due to troubling forecasts for the Hong Kong market. Knight Frank’s Q4 2014 Prime Global Forecast predicted prime prices in Hong Kong will fall throughout 2015. The government are introducing cooling methods, such as higher stamp duty for foreigners, plus they are not loosening the draconian lending conditions. All in all Hong Kong is no longer worth investing into. Instead local investors are looking abroad for more profitable returns.
Hong Kong has recently been replaced by London in terms of average prime residential new-build prices per square foot. In other words it has already lost its place as the world’s most expensive city. Whilst London offers some of the lowest potential yields in the UK, the attention it brings to the country is invaluable. Plus with Hong Kong’s property prices beginning to fall, the cities with the third and fourth most expensive property prices, New York and Sydney respectively, are also set to overtake it, as both have positive forecasts for 2015.
The United Kingdom has one of the most stable, profitable property markets
The seven sales at the Hong Kong SMART International Property & Investment reflect a growing uncertainty for the future of the independent city but also the growing reputation of the Knight Knox brand. The United Kingdom has one of the most stable, profitable property markets, especially in regional locations, and foreign investors are more interested than ever before.