Hong Kong (China) house prices fell to their lowest level since 2017


Private house prices in Hong Kong fell 1.7% in September to their lowest since April 2017, official data showed today (October 27), hit by rising interest rates and a gloomy economic outlook. Protein weighs heavily on homebuyers' psychology.

House prices fell in September in the financial hub, one of the world's most expensive markets, according to the data, following a revised 1.8% drop in August.

Five consecutive months of decline have erased gains made this year and real estate brokers predict prices will fall by up to 5% over the year.

Hong Kong leader John Lee announced Wednesday in an annual policy speech that stamp duty will be halved from 15% to 7.5% for second home buyers and first-time buyers. must be citizens, effective immediately, to help revive a sector that is a mainstay of the city's economy.

Martin Wong, head of China research and consulting at Knight Frank, said it would take time for lower stamp duty rates to have an impact on purchasing power.

"With the market lacking other positive news, house prices will still face great pressure for the remainder of this year," Mr Wong said.

Other new adjustments aimed at supporting the property market include allowing some homeowners to sell their properties after two years without incurring heavy taxes.

However, some analysts said these measures are only initial support solutions and are unlikely to reverse the downward trend.

Wong said real estate developers have slashed prices aggressively to clear inventory.

Source: cungcau.vn

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