Hong Kong home prices drop 15.6% in 2022, snap 13 years of gain
PRIVATE home prices in Hong Kong, one of the most unaffordable territories in the world, fell 15.6 per cent in 2022 in the first annual drop since 2008, official data showed on Friday.
Prices in the Asian financial hub were weighed down by a weak economic outlook and rising mortgage costs, following a Covid-19 outbreak at the beginning of the year.
December saw the seventh consecutive month of decline, the data showed, with prices down 2.0 per cent from a month earlier to the lowest since April 2017. That compared with a revised 3.2 per cent drop in November and a 2.6 per cent fall in October.
For 2023, real estate consultancies expect home prices to remain soft though stabilise in the second half after an expected peak in interest rates. REUTERS
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow
New US home sales jump to highest level since September
Hong Kong developer weighs stake sale in London office skyscraper project
How Hudson Yards went from ghost town to office success story