Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Hong Kong home prices ease for 2nd month after record high

Economy Nov 26, 2021 02:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: An aerial view shows Choi Hung public housing estate and other residential buildings with the Lion Rock peak in the background, in Hong Kong, China June 3, 2021. REUTERS/Joyce Zhou

HONG KONG (Reuters) - Hong Kong private home prices, among the most expensive in the world, dropped for the second consecutive month in October, official data showed on Friday, softening from a record high as potential buyers turned more cautious before a policy meet.

The prices eased 0.9% in October from September, compared to a revised 0.03% fall in September.

Home prices had risen for eight months before that to hit historical highs, levels that were last seen in May 2019 before the pandemic and anti-government mass protests in the city.

Property agents said buyers turned more cautious before the policy address delivered in October, worried that some drastic housing policy would be introduced to curb the sky-high property prices.

But after little substantial was announced, buyers became active again, with transaction volume in November increasing up to 40%, they added.

At the centre of plans to tackle the city's housing shortage announced by leader Carrie Lam last month was a long-term goal to build a Northern Metropolis on the border with the mainland's technology hub of Shenzhen, covering 300 square kilometres.

"Afterall, supply is still limited in Hong Kong, and the economic and employment recovery has helped to support the property market," said Derek Chan, head of research at realtor Ricacorp.

He expected November home prices would be flat or post a small gain, and the gain may extend in December if the border with mainland China reopens.

Investors have been envisioning a much delayed reopen of border will boost local economy and property demand. Local media reported the reopening could likely to come in early December but the Hong Kong government has not given a precise timing.

Hong Kong home prices ease for 2nd month after record high
 

Related Articles

Biden urges companies to lower costs for consumers
Biden urges companies to lower costs for consumers By Reuters - Sep 26, 2022 11

WASHINGTON (Reuters) - U.S. President Joe Biden on Monday urged companies running gas stations, banks and cell phone services to lower costs for consumers coping with inflation....

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email