RE: Turbos24 Jan 2025 06:22
STEVE , Glad i am not in Hong Kong lol
HONG KONG, Jan 24 (Reuters) - Hong Kong's home prices fell 0.7% in December and 7.1% in 2024, government figures showed, as the property market struggles to find a bottom despite interest rate cuts and government support measures.
BY THE NUMBERS
Private home prices fell 0.7% in December from the month before, following a revised 0.03% rise in November and a 1% increase in October, data from the Rating and Valuation Department showed.
Prior to October, prices had declined for five months straight.
For the full year of 2024, prices dropped 7.1%.
WHY IT'S IMPORTANT
Home prices in Hong Kong, one of the world's most unaffordable cities, have tumbled nearly 30% from a 2021 peak, hurt initially by higher mortgage rates, easing demand as many professionals left the territory and a weak market outlook.