Property market brakes price records for 13th straight month in Hong Kong

Property market brakes price records for 13th straight month in Hong Kong

In November, in Hong Kong, private home prices managed to break historic records for the 13th straight month, with the ascent demonstrating no immediate indications of ending and experts expecting the surge to continue into 2018.

In November, private home prices tacked on by 1.08%, thus marking the fastest tempo of surge for six months. The index that started its ascend in April last year, rallied 13.1% year-on-year.

Hong Kong’s flats are considered to be the second most expensive around the globe after Monaco. As follows from a report unveiled by property consultancy Knight Frank, in Hong Kong US$1 million would only purchase 200 square feet of prime property, versus 270 square feet in New York and 320 in London.

Carrie Lam, Hong Kong leader Carrie Lam told during an interview that the government is unable to suppress property prices. However, she added she would try to spur supply.

 

 

 

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