Hong Kong Oct home prices drop 2.4%, biggest fall in 4 years By Reuters
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
A look at the day ahead in European and global markets from Anshuman Daga Hopes of a quiet close to the final weeks of 2022 are being firmly squashed as rare, widespread protests…
SYDNEY (Reuters) – The head of Australia’s central bank on Monday apologised to people who regretted taking out mortgages last year based on his guidance that interest rates were…
By Indradip Ghosh BENGALURU (Reuters) – The Indian economy likely returned to a more normal 6.2% annual growth rate in July-September after double-digit expansion in the previous…
(C) 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.