Home prices in Hong Kong fell for the fourth consecutive month in January, reaching the lowest level since February 2021, due to the impact of the new wave of the COVID-19 epidemic.
Home prices in Hong Kong fell 1.1% in January, compared with a 0.1% decline in December, the largest drop in 11 months.
The Hong Kong property market is one of the most expensive markets in the world. Despite the massive political protests in 2019 and the COVID-19 epidemic in the past two years, it remains strong, supported by strong demand and low-interest rates.
House prices in Hong Kong hit a record high in September before cooling.
Hong Kong property service providers expect house prices to fall 5% in 1Q22, but should rise 3% to 5% in the year as they recover after the epidemic stabilized.