Home prices in Hong Kong dropped last year for the first time since 2008, driven down by Covid, a weak economy and rising mortgage costs.
Prices in the Asian financial hub, one of the least affordable places in the world, fell 15.6% in 2022 in the first annual drop since 2008, official data showed on Friday.
December saw the seventh consecutive month of decline, the data showed, with prices down 2.0% from a month earlier to the lowest since April 2017. That compared with a revised 3.2% drop in November and a 2.6% fall in October.
For 2023, real estate consultancies expect home prices to remain soft though stabilise in the second half after an expected peak in interest rates.
- Reuters with additional editing by Sean O’Meara