Hong Kong Oct home prices drop 2.4%, biggest fall in 4 years

Hong Kong Oct home prices drop 2.4%, biggest fall in 4 years By Reuters

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Economy 4 hours ago (Nov 27, 2022 10:05PM ET)

(C) Reuters. A man walks on a footbridge as 45-year-old residential flats (L), the latest luxury homes (R) and a construction site are seen in the background, in West Kowloon, Hong Kong, China July 2, 2015. REUTERS/Bobby Yip/Files

HONG KONG (Reuters) – Hong Kong private home prices fell 2.4% in October, the biggest drop since November 2018, official data showed on Monday, dragged down by worsening market sentiment amid a pessimistic economic outlook.

The drop in home prices last month in one of the world’s most unaffordable housing markets followed a revised 2.1% fall in September. Home prices in the financial hub have fallen 10.5% in the first ten months of this year.

The property price index was at 352.4 in October, the lowest level since December 2017.

Rising mortgage costs and a bleak economic outlook have deepened pessimism among homeowners, while home prices for the full-year are expected to drop around 10%, the first fall since 2008.

Martin Wong, real estate consultancy Knight Frank Greater China head of research and consultancy, said he expects prices to fall 15% for the full year, and transaction volumes to slip 40% from last year to the lowest since 1997.

Hong Kong Oct home prices drop 2.4%, biggest fall in 4 years

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