HK July used-home price index hits 8-yr low in weak market

The housing market in Hong Kong continues to face challenges, with prices of lived-in homes dropping by 1.9% in July. This decline has pushed the official benchmark to its lowest level in almost eight years, according to data from the Rating and Valuation Department.

The index of second-hand homes fell to 296.8 in July, marking the third consecutive month of decline. The market is struggling due to a large pipeline of unsold homes and record-high borrowing costs, stifling purchasing demand. The prices of lived-in residential properties have already decreased by 4.7% this year, despite a brief uptick in March and April after the government lifted some stamp duties.

This ongoing slump highlights the challenges facing the Hong Kong property market, as it grapples with a range of economic factors impacting both buyers and sellers.