Home prices in March still exceed 1997 peak by 117pc

Business | 15 May 2020 5:38 pm

Prices of flats in Hong Kong edged down by 1 percent during the first quarter, but the level in March still exceeded the 1997 peak by 117 percent, the Government Economist Andrew Au said, today.

Residential property deals dropped by 21 percent from the preceding quarter, or 26 percent from a year earlier, according to Land Registry data, to 10,204 in the first quarter.

The index of home purchase affordability remained elevated at around 73 percent in the first quarter.

Meanwhile, flat rentals continued to decrease amid a weak economy, by 4 percent during the quarter.

 

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