However, overall home sales dropped 6% MoM.
More than 5,000 home sale transactions have been recorded for two months in a row from October to November despite posting a 6% decline MoM, according to Knight Frank’s Hong Kong Monthly Report.
Primary sales shrank by 35.5% MoM to 1,541 sales in October whilst secondary sales expanded 15.7% MoM to 3,748.
While there is a high likelihood that the Fed will raise interest rates again before the year ends, Knight Frank forecasts that the residential market is likely to be insulated from the possible short-term negative impact.
Knight Frank forecasts that prices for residential properties are expected to grow 6-8% for luxury homes and 11-13% for mass residential units in full-year 2017.
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