Hong Kong home prices rise 0.3% in April from March


HONG KONG: Hong Kong's private home prices climbed for the second month in a row in April, up 0.3% from March, after the financial hub lifted curbs to boost its ailing property market.

The increase in home prices in one of the world's most expensive property markets followed a revised 1.8% rise in March, which reversed a 10-month falling streak, official data showed on Wednesday.

In late February, Hong Kong removed all additional stamp duties for foreign and second home buyers, as well as on those selling flats within two years of buying them, after prices had plunged 20% from their 2021 peak, hurt by higher mortgage rates, an outflow of talent and a weak market outlook.

The property market immediately celebrated the end of those measures with a jump in transactions, but analysts expect prices to remain subdued in the near term as property developers rush to launch sales at steep discounts. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Hong Kong , property , developer

   

Next In Business News

Most Asian shares rise on Wall Street boost, currencies mixed
EV startup Fisker files for bankruptcy
Maybank Asset Management launches MAMG Premium Brands Fund
Oil edges down amid cautious demand outlook
Huawei considers app store fees as it surpasses iPhone in China
Shell to acquire Singaporean LNG firm Pavilion Energy from Temasek
China's economy is set for steady rebound in Q2
Asia shares push higher; RBA stands pat on rates
ACE Market-bound BWYS aims to raise RM56.4mil from IPO
Open AP policy from July 1, 2024 to benefit more bumiputera entrepreneurs

Others Also Read