Home prices at the 50 major estates in the territory soared 22 percent last year, according to Ricacorp, which forecasts that prices will gain 10percent this year despite the latest cooling measures adopted by the government.
In December, average transactional prices at the major housing developments had stood at HK$7,552 per square foot since the third quarter in 2012, surpassing the 1997 figure of HK$7,012 psf.
On top of that, 12,628 car parking spaces were sold last year, rising to a 17-year high and involving HK$8.24 billion.
The bullish property market is also emboldening leading developers to launch five new residential projects before the Lunar New Year holidays that involve a total of 745 units.
The Grandeur, a 28-unit project on Grampian Road in Kowloon Tong, is expected to be sold next week for at least HK$54 million or up to HK$23,000 psf.
Developed by China Overseas Land & Investment (0688), it comprises four-bedroom units measuring 2,800-3,200 sq ft.
Kowloon Development (0034) hopes to sell 397 flats in its two projects in Tai Kok Tsui and Mong Kok. Sun Hung Kai Properties (0016) might start selling its Residence 88 in Yuen Long and Imperial Kennedy in Sai Wan.
Meanwhile, SHKP priced 38 four-bedroom units in the second phase of The Wings in Tseung Kwan O yesterday at an average of HK$11,108 psf, or HK$14,134 per saleable sq ft, compared to the first batch which cost HK$10,688 psf.
The 50 units were snapped up in two days. Separately, the Real Estate Developers Association plans to submit its proposals on the latest buyer's stamp duty to the authorities by next Wednesday.
REDA's executive committee chairman Stewart Leung Chi-kin warned that the association will not be attending any meetings by the Transport and Housing Bureau because it ignored its advice.