Skip to main content

Hong Kong home prices fall for fifth straight month in October

hong kong home prices

Hong Kong private home prices slipped for a fifth consecutive month in October as the Asian financial hub grapples with its biggest political crisis in decades, although the pace of decline slowed.

October prices dropped 1.3% in one of the world’s least affordable property markets compared with a revised fall of 1.7% in September, government data showed on Friday.

“Looking at the social and market situation, the price index will continue to decline in November and December,” said Thomas Lam, executive director of property consultancy Knight Frank.

He added that low interest rates would provide some support.

The property sector has been relatively resilient compared with the tourism and retail sectors which have been hit badly by six months of often violent anti-government protests and the US-China trade dispute. Hong Kong’s home prices are still up 4.6% so far this year.

Aiming to support first-time home buyers, the government last month relaxed rules, allowing them to borrow as much as 90% of a home costing up to HK$8 million ($1 million).

That relaxation of the mortgage cap for first-time buyers as well as a lending rate cut helped restore purchasing power in the housing market in November, Knight Frank said this week.

Knight Frank also expects a planned vacancy tax will prompt developers to dispose of unsold stock at attractive prices for the remainder of 2019.

Realtor Centaline has estimated that sales in the secondary housing market in November will hit their highest level in six months, climbing 40% more than October.

Commercial property prices have also been disappointing for sellers. Although an auction this week saw a record amount paid for a Hong Kong property site, it was at the lower end of estimates.

Sun Hung Kai Properties Limited (0016.HK) won the auction for a commercial site above the high speed railway station that links the city to the mainland with its HK$42.2 billion ($5.4 billion) bid.

Property surveyors had given a range of HK$38 billion to HK$79 billion.

The post Hong Kong home prices fall for fifth straight month in October appeared first on ARY NEWS.



from ARY NEWS https://ift.tt/2OXyKBR
Labels:

Comments

Post a Comment

Popular posts from this blog

Sialkot police bust gang of robbers, seize over Rs20m looted cash

SIALKOT: Police on Tuesday claimed to have busted an infamous gang of robbers and seized Rs20.3 million looted cash from their possession, ARY News reported. A spokesperson for the police confirmed the arrests saying the eight-member gang had looted a pharmaceutical company’s truck full of medicine. He said the looted cash to the tune of Rs20.3 million was also recovered from their possession. The police said the recovered cash and truck have been handed over to their owner. Read More: Youngster battles for life as Punjab police ‘mistakenly’ opens fire on him Earlier, on June 20, Karachi police had apprehended six robbers allegedly involved in a bank robbery of Rs10.5 million last month. The robbers had produced Rs9 million from the bank robbery in front of the police after being taken under arrest. The police also recovered the weapons used by the criminals in the bank robbery. The gang was stated to have a previous record of robbing various places in the city, the police said. ...
Post a Comment
Read more

Peshawar security forces kill four suspected terrorists

The Peshawar Counter-Terrorism Department personnel gunned down four suspected terrorists after raiding their hideout on the Kohat Road Monday. According to the security forces, the suspects were plotting an attack. A cache of weapons and ammunition has been seized too. On Monday evening, a special CTD team raided the hideout after surrounding it and exchanged fire with them. No CTD personnel was injured in the operation. from SAMAA https://ift.tt/2V8MRbn
Post a Comment
Read more

Headlines 9am: Karachi to face power outages, coronavirus cases rise

Here are the headlines from SAMAA TV’s 9am bulletin. Pakistan has begun reporting fewer coronavirus infections in the last couple of days. In the last 24 hours, 3,964 cases were reported with 105 deaths. Around 73,000 recoveries have been confirmed so far. Three people were killed in a collision between a motorcycle and ambulance on the Mehran highway. A child was injured as well. Robbers looted a house in Karachi’s Azizabad in broad daylight and in the presence of a policeman. The cop chased the thieves but they were able to escape. SAMAA TV has acquired a CCTV footage of the robbery. A terrorism bid has been foiled in Peshawar. During a raid, security forces eliminated four terrorists. A cache of weapons and ammunition has been recovered. Saudi Arabia has announced it would hold a “very limited” Hajj this year owing to the coronavirus pandemic, with pilgrims already in the kingdom allowed to take part. The Kingdom has informed Pakistan about it as well. Pakistan’s Religious A...
Post a Comment
Read more