Hong Kong home prices soft in July, first decline in 16 months
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People walk in front of residential buildings, in Hong Kong, China, February 27, 2024. REUTERS/Tyrone Siu
HONG KONG, Aug 27 (Reuters) - Private home prices in Hong Kong eased 0.5% in July, the first decline since March 2025, data from the Rating and Valuation Department showed on Thursday.
Here are some details:
• The fall followed June's revised monthly gain of 0.2%.
• Prices have risen 7.3% in the first seven months of the year and 12.8% since the last trough in March 2025.
• Realtors expected a short-term consolidation after the long rising streak, as buying demand faced the combined headwinds of a 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 after tumbling nearly 30% since they peaked in 2021.
(Reporting by Clare Jim; Editing by Thomas Derpinghaus)
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