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The Hong Kong luxury residential market has undergone a number of distinct cycles since the Handover in 1997 dog walker hong kong. Following the difficult period which the market underwent between 1998 – 2003, in which the luxury residential sector was successively impacted by the eruption Asia financial crisis dog walker hong kong, implosion of the bubble and the outbreak of SARs, commencing in year-end 2003 the emergence of closer cooperation between Mainland and Hong Kong governments has ushered in a period of buoyant economic growth in the local economy. In early 1997, prices of residential properties reached a peak, before experiencing a sharp decline in the second half of the year, hit by the Asian Financial Crisis. In mid- 1998, there was a mini-recovery in the luxury sector due to some speculative investment activities. However, the unfavorable economic situation clouded the market for both investors and end users. This factor, coupled with strong growth for both leasing and purchasing luxury residential units and the continuous shortage of supply of high-end units have stimulated appreciation in the prices of luxury premises. In particular, values of luxury residential properties in non-traditional areas like the New Territories have recently witnessed the most dramatic appreciation dog walker hong kong. With the outbreak of SARS in early 2003, the luxury property market index reached a ten- year low. The Bel-Air project which was by coincidence launched in this period recorded an average transaction price of $4,500 per sq. ft., the property’s weak price initial performance being symptomatic of discouraging market sentiment surrounding the luxury market sector at the time. During the five difficult years, developers’ land banks became greatly reduced due to their hesitation about entering the land market. However, as the economic environment improved after 2004, many developers were compelled to acquire more sites to replenish their land banks, a phenomenon which eventually led to fierce competition in the land auctions, pushing land prices higher. The property market finally witnessed a strong rebound in year-end 2003, attributable mainly to the benefits resulting from closer cooperation between the Mainland and Hong Kong Governments dog walker hong kong, with the launching of Individual Visit Scheme making the largest single contribution to the local economy. Stimulated by the record land sale of the Mount Kellett Road site in December 2006, average price of the luxury properties located on Hong Kong Island has surged 27% since then. Most recently, Nam Fung acquired an existing building at No. 11 Coombe Road for over $550 million or $27,500 per sq. ft, for purpose of redevelopment, a fairly aggressive market move which further acted to stimulate the market sentiment. On the supply side, the number of new luxury residential units in the New Territories has increased incrementally each year, rising from 203 units in 2003 to 371 units in 2006.The increasing supply pattern reflects that the New Territories’ luxury residential market is becoming a fast growing segment in the property market. Many people planning their luxury holidays will assess the suitability of a hotel by judging the facilities on offer. This is not an unreasonable approach. Aspects such as variety of dining, assorted bars, spa, gym, and technology like internet access dog walker hong kong, plasma TV, and DVD, can help make a stay not just comfortable, but luxuriant. But there is more to the atmosphere of a hotel than a list of facilities. Boutique hotels tend to have all or most of these facilities, but what sets them apart from the more conventional top end accommodations is the style and individuality of their presentation. This individuality will please travellers who like their holidays to be tailor made to their own tastes. Of course, the locations are essential to the success of these luxury holidays. Boutique hotels may take the form of exclusive resorts, or of quieter adult only resorts dog walker hong kong; some are even called ‘isolated retreats’. Frequently ‘off the beaten track’, these tend to be the preserve of tailor made holidays and honeymoons – for those travellers looking for something special from their luxury holidays. And what could be more special than waking up on the beach?