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Hong Kong home prices stay flat in June as buyers take a breath after months of price increases
- An index measuring the prices of second-hand homes stayed at 394.5, just a whisker below the previous peak of 396.9 in May 2019
- It is normal for the occasional pause to occur after months of ‘frenzied buying’, says Thomas Lam of Knight Frank
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Hong Kong home prices were flat in June after reaching a two-year high, as buyers stayed on the sidelines, apparently taking a breather after months of rising prices buoyed by low-interest mortgage rates and a rebounding economy.
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An index measuring the prices of second-hand homes stayed at 394.5, data from the Ratings and Valuation Department shows, just a whisker below the previous peak of 396.9 in May 2019.
“This is quite normal after a few months of frenzied buying and prices have been rising, so this is something expected,” said Thomas Lam, executive director and head of valuation and advisory at property consultancy Knight Frank.
Prices of flats measuring between 431 and 752 square feet rose 0.37 per cent to 381.5, breaking the record of 377.9 from May 2019.
Homes larger than 1,722 square feet saw their value drop 1.2 per cent, the biggest fall among all types of unit, while the very smallest flats, less than 431 sq ft, declined 0.45 per cent in the period.
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