Second Hand Prices in Hong Kong Property Market Hit Lowest Point in 8 Years
Wednesday, 28 August 2024, 02:49
Second Hand Prices Plummet in July
The prices of lived-in homes fell 1.9 percent in July from the previous month, pulling the official benchmark to its lowest level in nearly eight years.
- The index for second-hand homes reached 296.8 this July, the lowest since September 2016.
- This decline marks the third consecutive month the index has fallen.
Factors Behind the Slump
Hong Kong's housing market is currently facing a profound slump, driven by:
- A significant pipeline of upcoming and unsold homes.
- The highest borrowing costs in over two decades.
- A 4.7 percent retreat in prices for lived-in residential properties this year.
The drop was the largest monthly slide recorded this year. In June, prices for lived-in homes had already dipped 1.01 percent.
More to follow...
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.