Hong Kong Luxury Home Prices Drop but Sales Rise as Buyers Snap Up Discounted Properties
• Hong Kong's luxury home prices fell 8% in 2022 amid higher interest rates and economic uncertainty
• But luxury home sales increased 31% in volume and 13% in value in 2022 as buyers took advantage of discounts
• A luxury house at Jardine's Lookout recently reduced its asking price by 17% to HK$190 million
• Discounts on luxury homes are an emerging trend as buyers will not pay market prices now
• There are expectations the government may announce policies in its upcoming budget to further stimulate the property market