Hong Kong Home Prices Ease from Record High
Hong Kong private home prices, among the most expensive in the world, dropped for the second consecutive month in October, softening from a record high as potential buyers turned more cautious before a policy meet. The prices eased 0.9% in October from September, compared to a revised 0.03% fall in September. Home prices had risen for eight months before that to hit historical highs, levels that were last seen in May 2019 before the pandemic and anti-government mass protests in the city. Property agents said buyers turned more cautious before the policy address delivered in October, worried that some drastic housing policy would be introduced to curb the sky-high property prices. But after little substantial was announced, buyers became active again, with transaction volume in November increasing up to 40%, they added. At the centre of plans to tackle the city's housing shortage announced by leader Carrie Lam last month was a long-term goal to build a Northern Metropolis on the border with the mainland's technology hub of Shenzhen, covering 300 square kilometres. Investors have been envisioning a much delayed reopen of border will boost local economy and property demand. Local media reported the reopening could likely to come in early December but the Hong Kong government has not given a precise timing.
Tags : INTERNATIONAL Investors Hong Kong home prices Transaction Housing Shortage HK Government Technology Hub