HONG KONG SAR – Media OutReach – 14 December 2021 – Global real estate services firm Cushman & Wakefield announced the Hong Kong and Greater Bay Area (GBA) Property Market 2021 Review and 2022 Outlook today. With the pandemic being gradually contained and a steady economic recovery in 2021, Hong Kong’s property market shows signs of recovery:
– The residential market has been active as the number of sale and purchase agreements (S&P) reached a peak since 2012. Private home prices show a significant rise with some housing estates breaking record highs.
– The number of major investment transactions increased by more than double on the previous year, with industrial buildings and development sites among the most active sectors.
– The office leasing market has stabilized, with total absorption in 2H21 standing at 513,000 sf NFA and rental declines slowing.
– The retail leasing market has begun to pick up, as vacancy in prime retail districts begins to drop and rents in some districts start to rise.
– In the GBA, Shenzhen and Guangzhou continue to dominate major investment deals and residential transactions, with other GBA cities catching up. Foreign investors’ presence has also grown, up to a 49% share in 2021.
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