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hong kong: Hong Kong’s private house prices fell 3.3% in November to the lowest since August 2017, official data showed on Wednesday, as its housing market – one of the most unaffordable in the world – posted its first annual decline since 2008. ready for.
Following a severe COVID outbreak at the start of the year, prices in the Asian financial hub were weighed down by a weak economic outlook and rising mortgage costs.
The November decline in home prices follows a revised decline of 2.7% in October. house prices in hong kong Has fallen 13.8% in the first 110 months of the year.
Transaction volume is expected to fall to a decade low for the year, but could see a slight bounce next year after authorities lift travel restrictions with the mainland. Chinaestate agents said.
For 2023, real estate consultancy Cushman & Wakefield expects home prices to be 0-5% lower than this year, with prices stabilizing in the second half after an expected peak in interest rates.
Another consultation JLL, prices for the mass market is expected to decline by another 10% next year. It added that a rise in the number of unsold homes this year due to higher inventory levels will prompt developers to offer discounts.
JLL said that the sale price of some of the recently launched projects was 7% to 13% lower than the average price of the secondary market in the same area.
Last week, the lead developer CK Asset HoldingsOwned by Li Ka-shing, the city’s richest man, a won residential Plot of land in downtown Kai Tak area at a price well below market expectations. The surveyors said that floor prices in the area are at an eight-year low.
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