Hong Kong property market shatters price records for 13th straight month

[HONG KONG] Hong Kong's private home prices shattered historic records for the 13th straight month in November, data showed on Friday, with the ascent showing no immediate signs of ending and analysts expecting the rise to continue into next year.

Private home prices rose by 1.08 per cent in November, marking the fastest pace of growth since June, according to data compiled by the Rating and Valuation Department. The index, which began its climb in April 2016, surged 13.1 per cent year-on-year.

The city's flats are ranked the second most expensive in the world after Monaco, according to data from property consultancy Knight Frank, which shows with US$1 million one could only buy 200 square feet of prime property in Hong Kong, as opposed to 270 square feet in New York and 320 in London.

REUTERS