Hong Kong home prices rise for 7th month, near record high By Reuters

Hong Kong home prices rise for 7th month, near record high By Reuters


© Reuters. FILE PHOTO: Cable cars move past residential flats at Lantau island in Hong Kong, China May 30, 2018. Picture taken May 30, 2018. REUTERS/Bobby Yip

HONG KONG (Reuters) – Hong Kong private home prices rose 0.46% in July, official data showed on Friday, just short of a record high, supported by strong pent-up demand and hopes that mainland Chinese buyers will soon return.

The prices in one of the most expensive property markets gained for the seventh month in a row, according to last month’s data, and compared with a revised 0.1% increase in June.

Realtors expect the price index, which stood at 396.3 in July, will break the 396.9 record posted in May 2019 in the third quarter.

“A high turnover in the market is positive for buyers’ sentiment,” said Thomas Lam, executive director of Knight Frank. “The buying power can persist into end of year.”

According to an index of realtor Centaline that tracks the secondary home market, prices broke a historical high in early August, before softening 0.5% in the following week.

The realtor said potential buyers were now turning more cautious to chase after record high prices.

Another real estate agent, Midland, expects overall home prices could rise at a slower pace until the border with mainland China reopens.

In a survey published last month, Midland, who interviewed 1,112 people, said the percentage of respondents showing their willingness to buy a property and buying for investment both reached the highest levels, and 51% of respondents said they expected prices to rise in the next six months.

Hong Kong’s one-month interbank rate, which many mortgage rates are linked to, stayed at over 11-year lows and also helped to support the market.

($1 = 7.7812 Hong Kong dollars)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply