The Mid-Levels District in Hong Kong is buzzing with real estate activity as celebrity Karen Joy Morris finalized the purchase of a luxurious 2,153 square-foot, three-bedroom unit on Old Peak Road on June 12, as reported by the South China Morning Post. Nestled within the esteemed Dynasty Court—a prestigious residential estate comprising five blocks and 409 units—Morris adds a touch of star power to this prime locale.
At 55, Morris is no stranger to the limelight. She boasts an impressive portfolio with 18 studio albums and over 40 film appearances to her name. Notably, she’s the first Hong Kong singer to claim China’s Golden Melody Award three times and the trailblazing female solo artist to grace Beijing’s National Stadium, famously known as the Bird’s Nest.
Hong Kong pop diva Karen Mok holds a concert in Nanjing City, east China’s Jiangsu Province, 10 May, 2025. Photo by Imagechina via AFP
The aftermath of a dramatic 45% decline in property prices due to rising interest rates has attracted an influx of affluent buyers to Hong Kong’s high-end real estate sector. Just last month, Shirley Peng, sister of former Chief Executive Tung Chee-hwa, made headlines by acquiring a lavish apartment in the same district for a staggering HKD119 million.
In another noteworthy transaction, Ant Group executive vice-president Shao Xiaofeng and his wife, Li Jian, secured a sprawling 3,314 sq ft, four-bedroom detached house in Tai Tam’s Villa Rosa for HKD78 million, illustrating the trend toward luxurious living amidst market fluctuations.
Despite struggles in the broader property market, Knight Frank’s Wealth Report 2025 suggests that Hong Kong’s ultra-luxury segment is on the verge of rejuvenation. The city remains a global hotspot for super-prime real estate, clocking in 166 ultra-luxury transactions last year, according to reports from Hong Kong Business.
The first half of this year has seen an uptick in activity within the luxury market, driven by the availability of distressed units at reduced rates that lure cash-rich buyers on the hunt for high-value properties. Knight Frank predicts a potential 5% decline in residential homes priced between HKD20 million and HKD40 million, while properties exceeding HKD40 million are expected to hold their ground.
In related news, JLL Hong Kong noted in a December report that luxury residential prices could dip about 5% this year, primarily due to oversupply. JLL Chairman Joseph Tsang emphasized that the current downturn isn’t merely cyclical; rather, deep-seated structural changes are reshaping market dynamics and asset values.
To stir up buyer interest, some developers are adjusting their price strategies. Recently, New World Development Co unveiled 138 homes for sale at record-low prices in Southside. The response has been overwhelming, with over 4,500 eager buyers registered to make their move. With home prices nearing an eight-year low and more than 22,000 new units available as of March, local property agency Centaline sounds the alarm over potential market risks.
In a city where glitzy talent and pricey real estate intersect, is the high-end property market ready to bounce back? Only time will tell, but for now, the luxury sector seems to be embracing a wave of change that could reshape Hong Kong’s landscape.
Questions & Answers
What significant purchase did Karen Joy Morris make?
She purchased a 2,153 square-foot three-bedroom unit on Old Peak Road in the Mid-Levels District on June 12.
How has the high-end property market in Hong Kong been affected recently?
Despite a slump in the broader property market, the luxury sector is poised for recovery, with affluent buyers showing renewed interest in high-value properties at lower prices.
What are some recent trends in the luxury property market?
Developers are lowering prices to attract buyers, while properties over HKD40 million are expected to remain stable despite forecasts of a 5% decline for homes priced between HKD20 million and HKD40 million.
