RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Hong Kongers burdened by soaring home prices

Mortgage-payment-to-income ratio rose to 54.2%.

Bloomberg Markets reported that Hong Kong’s mortgage-payment-to-income ratio rose to 54.2% in June, the highest since 1998.

Citing figures from Centaline Property Agency show, the report said the low affordability is a result of the steep rise in home prices, which have kept soaring despite efforts by the city’s leaders to impose restrictions to cool the market. A gauge of existing home prices, Centaline Property’s Centa-City Leading Index, broke previous records Friday to reach 160.3. The index has climbed 11% this year and has surged more than 50% in the past five years.

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