Property prices in Causeway Bay plummet as owner suffers losses of HK$4.23 million over 11 years, marking a 29% decline

Park Haven

24th November 2023 – (Hong Kong) Causeway Bay, a popular residential area in Hong Kong, witnessed a distressing situation as a property owner endured significant losses after holding onto their unit for 11 years. The per square foot price of the unit has also fallen below HK$18,000, reaching a new low for the development. Market sources revealed that the unit in question is located at Park Haven, 38 Haven Street, in the lower floors of the building. It boasts a practical area of approximately 588 square feet and features two bedrooms. The unit was recently sold for HK$10.58 million, resulting in a per square foot price of just HK$17,993.

According to reports, the original owner purchased the unit for over HK$14.81 million in 2012. However, the current sale has resulted in a staggering loss of over HK$4.23 million, representing a depreciation of approximately 28.6%.