HONG KONG (Reuters) – Hong Kong private home prices posted their first monthly on month rise in six months in January, as sales rebounded in one of the world’s least affordable property markets.
Prices rose 0.1 percent from a month ago in January, government data showed, compared with December’s revised 2.3 percent decline.
Thomas - Lam - Director - Knight - Frank
Thomas Lam, executive director of Knight Frank, said while the data showed prices stabilizing, a sustained recovery was unlikely.
“Now the market is relatively stable, I forecast the index will rise another 0.5 percent in February,” Lam said.
Property - Year
“I expect the property will continue to correct this year.”
Knight Frank maintains its full year forecast for a 10 percent decline this year with vulnerability seen in the so-called “nano flat” sector.
Decade - Interest - Rates - Housing - Supply
Over the past decade, ultra low interest rates, limited housing supply and large capital flows from mainland Chinese buyers helped push housing prices up more than 200 percent. That bubble was burst in the middle of last year and prices have since come...
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