Hong Kong house prices fall by the most in nearly a year as volatile stock market hits buying sentiment
- Lived-in home prices fell 0.4 per cent in September, the most since October 2020
- Prices have fallen for a second consecutive month, after hitting a record high in July
Prices slipped 0.4 per cent to 396.3 last month, according to an index published on Wednesday by the Rating and Valuation Department.
It was the steepest fall since October 2020 when it retreated by 0.5 per cent, according to property consultancy Knight Frank. It was also the second consecutive monthly decline since the index touched a record high of 397.7 in July.
“Property prices have softened slightly after peaking in July,” said Derek Chan, head of research at Ricacorp Properties. “Homebuyers have stayed on the sidelines after media reports said that Beijing officials told a number of Hong Kong property tycoons in a closed-door meeting to throw their resources and influence behind the central government’s effort to ease the city’s housing problems.”
