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Photo by Fu Shan Un via Pexels.
Hong Kong home prices fall to eight-year low
Rent, on the other hand, has risen to its highest levels since August 2019.
Hong Kong home prices hit an eight-year low in July, falling 1.9% month-on-month (MoM) and 4.7% year-to-date (YTD).
Data from Knight Franck showed that transactions fell in tandem with prices, with August figures clocking in at 3,652, down from a peak of 8,500 in April.
Rents, on the other hand, continued its upward trajectory, increasing by 1.1% MoM in July, marking the highest levels since August 2019.
Newly arrived talent and mainland students drove rental demand, especially for flats near universities.
Rents for these properties range from $7,000 to $8,000 per month.
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