Hong Kong Feb home prices ease for the 10th month, down 1.7% By Reuters

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© Reuters. FILE PHOTO: A view of an apartment block under construction in Hong Kong, China October 24, 2023. REUTERS/Tyrone Siu/File Photo

HONG KONG (Reuters) – Hong Kong house prices fell for a 10th straight month to their lowest since September 2016 in February, and are expected to remain depressed even after the government lifts a decade-long slowdown in the housing market. .

Home prices in the world’s most expensive market fell 1.7% in February from the previous month, the data showed on Tuesday, following a 1.2% fall in January.

At the end of February, Hong Kong removed all stamp duty for foreign and second-hand home buyers, as well as for those selling flats within two years of purchase, in an effort to boost the city’s depressed market and the property market celebrated at the same time. jump into events.

Mainland Chinese are also destroying homes in Hong Kong, which account for a third of new sales, property developers and agents have said, after the pandemic hit more than three years ago.

In the first sale of high-end homes worth more than HK$30 million ($3.84 million), the number was higher, accounting for about 70%, JLL said on Monday, rising from less than 50% before the withdrawal. The real estate developer expects Chinese buyers to be active.

Home prices are down more than 20% from their 2021 peak due to housing costs, an outflow of talent and a weak market.

Despite the increase in sales, analysts expect prices to continue as manufacturers offer discounts to clear inventory. S&P Global Ratings predicts that volumes purchased this year will recover slightly from 2023, as interest rates remain high.

($1 = 7.8220 Hong Kong dollars)

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