Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Monday, Feb 06, 2023

HK home prices fall to lowest since Feb 2020

HK home prices fall to lowest since Feb 2020

Hong Kong private home prices in July dropped 1.65 percent, with a continuous decline over two months.
According to the property market statistics issued by the Rating and Valuation Department today, the price index of Hong Kong private homes in July slipped to 376.1, marking the lowest figure since February 2020.

Besides, the private home price has dropped 4.52 percent so far this year, which offset the increase of around 3.69 percent for the whole of last year.

The price index of homes less than 100 square metres saw a drop of 1.7 percent from June to July this year - from 385.2 to 378.6 - while the declining figure for the home occupied more than 100 square metres is 0.13 percent, from 315.9 to 315.5.

On the other hand, the rental price of private property saw a rise of 0.62 percent in July with a figure of 178.9, the highest in five months.

However, the rental price has fallen by 2.1 percent this year.

"The fifth wave of the Covid-19 epidemic at the beginning of 2022 dealt a serious blow to Hong Kong's economy," said Kelvin Siu Ka-yim, the Commissioner of Rating and Valuation Department, in a review report of Hong Kong property.

"The Government is committed to closely monitoring the property market development as well as the evolving external environment and endeavouring to maintain a healthy development of the property market," he noted.

Financial chief Paul Chan Mo-po said the government has no plans to scrap cooling measures or intervene in the market regardless of short-term fluctuations.
Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Hong Kong airlines taking bold action after the years of pandemic lockdown and travel restrictions, to make Hong Kong great again
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Chinese search giant Baidu to launch ChatGPT like AI chatbot.
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
China relaxes 'red lines' on property sector borrowing in policy pivot
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
Vietnam removes two deputy PMs amid anti-corruption campaign
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
China’s recovery could add 1% to Australia’s GDP: JPMorgan 
Saudi Arabia set to overtake India as fastest-growing major economy this year 
China vows to strengthen financial support for enterprises: official
International medical experts speak out against COVID-19 restrictions on China
2 Billion People To Travel In China's "Great Migration" Over Next 40 Days
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Flight constraints expected to weigh on China travel rebound
Billionaire Jack Ma relinquishes control of Ant Group
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Teslas now over 40% cheaper in China than US
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
China seeks course correction in US ties but will fight ‘all forms of hegemony’, top diplomat Wang Yi says
China will boost spending in 2023
African traders welcome end of China’s Covid travel curbs
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
Preparations begin for Spring Festival travel rush
×