Hong Kong Oct home prices drop 2.4%, biggest fall in 4 years
Reuters
Published Nov 27, 2022 10:01PM ET
Updated Nov 28, 2022 03:30AM ET
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.
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Written By: Reuters
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