(24 May 2018 – Hong Kong) In recent years, the Hong Kong property market has remained on an upward trend and the increased demand for related services such as property sales, design and lifestyle have raised the bar for these services to be high quality. The design sector has become a key factor in the performance of property sales. The “BEST OF THE BEST AWARDS” held by the REA Group’s squarefoot.com.hk is celebrating its ninth year. This year, a total of nine outstanding industry representatives were recognised for their outstanding achievement, excellent performance in the past year and their contributions to the industry, thereby enhancing the overall quality of the property market and related fields while promoting healthy competition.
The “BEST OF THE BEST AWARDS” Award Ceremony was held (Thursday) at the W Hotel Hong Kong and was attended by Ms. Kerry Wong, Chief Executive Officer, Greater China Region, REA Group, as a guest of honour. This year’s “BEST OF THE BEST AWARDS” proudly announces five categories of awards and nine individual awards, namely, Best Property Agent (Hong Kong), Best Property Agent (Overseas), Best Property Project, Best Property Project, Best Design and Lifestyle Service and Best Professional Services. The winners were nominated by the public and selected through online voting in a fair and open manner.
Overseas properties awards were won by Alliance Investments for the “Best Overseas Residential Development – UK” and “Best Overseas Residential Developer – Manchester”, respectively.
The property market in Hong Kong has continued to be inflated for many years, and the number of housing transactions has greatly increased. According to data from the Hong Kong Land Registry’s “2018 Number of Agreements for Sale and Purchase of Building Units”1, there were 15,015 transactions in the first quarter of 2018, an increase of approximately 12% from the same period in 2017 and nearly 60% higher than in 2016. The figure showed that the atmosphere of the local property market is in an overheated speculative climate, and that Hong Kong citizens still maintain a positive attitude toward home ownership. The Census and Statistics Department also conducted a five-year survey on the latest round of the “Household Expenditure Survey”2 in 2015 to record the detailed spending patterns of local families. According to the survey findings, the average household expenditure went up noticeably by a cumulative 46% during the past decade to HK$27,600 per month in 2015, faster than the 37% rise in overall consumer prices. This represents an improvement in the living standards of local families, while the expenses for housing, including housing miscellaneous expenses and maintenance, have also risen from 31.66% to 34.29%. This shows that Hong Kong people’s standards and requirements of their living environment have continued to rise.
The increase in property prices has caused the public to create a higher demand and requirement for related services such as property sales, project design and lifestyle. The related industries like property sales and property management are also coping with the huge demand and are paying every effort to improve their service quality.
- Source – Hong Kong Land Registry, 2018 Number of Agreements for Sale and Purchase of Building Units http://www.landreg.gov.hk/en/monthly/agt.htm
- Source – The Census and Statistics Department, Household Expenditure Survey https://www.statistics.gov.hk/pub/B10600082015XXXXB0100.pdf