HONG KONG, July 29 (Reuters) – Private home prices in Hong Kong rose for the 13th consecutive month in June but the rate slowed to 0.3%, data from the Rating and Valuation Department showed on Wednesday.
Here are the details:
• The rise followed May’s revised monthly gain of 1.5%.
• Prices have climbed 7.9% in the first six months of the year, to stand at their highest since September 2023.
• Realtors said short-term consolidation in the housing market was likely after rising since June last year, with buying demand facing the combined headwinds of stock market correction and China’s tighter curbs on outbound investment.
• Hong Kong’s property market, one of the world’s least affordable has been supported by positive market sentiment, buoyant stock markets, firm demand from a growing number of mainland Chinese professionals and an easing oversupply.
• Residential prices in the Asian financial hub posted their first increase last year since they peaked in 2021. Since then, home prices tumbled nearly 30%.
(Reporting by Clare Jim; Editing by Clarence Fernandez)
Comments