Property sales in Hong Kong grew to $51.4bn in the first half of 2018, according to reports. This is almost the highest figure on record, $61.6bn in 1997.
The total number of transactions in the six-month period was 46,875 – a rise from the previous half of 14.5%. The overall figure includes flats, offices and car parks.
Rising prices in the city have prompted buyers to purchase quickly before property becomes even more expensive, with the South China Morning Post reporting a rise in price of lived-in homes for the 26th consecutive month.
The paper also stated that according to Ricacorp Properties, the average price of new homes reached $1.9mn during the period, the highest half-yearly figure since 1996.
Hong Kong office space is now the most expensive in the world, and this has been put down to high demand of Chinese businesses.