Luxury and mass residential properties located near new railway projects will enjoy a higher upside potential than other properties once the market recovers, property analysts project.
Research by Knight Frank shows that prices of mass residential units have so far dropped 23% from their peak levels earlier this year, while luxury residential prices have fallen 33% since the onset of the global financial crisis.
The retreat in luxury prices included such blue-chip housing estates as Taikoo Shing, which was previously relatively immune to big property price declines. But research by DTZ shows the average property price of Taikoo Shing has dropped 29.2% to HK$5,450 per square foot this month from the peak in May.
South China Morning Post