Home Prices Fall For The Fifth Month In A Row
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2019-01-31 HKT 11:08
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Hong Kong home prices have fallen for a fifth month, the latest government data shows.
According to the Rating and Valuation Department, prices fell 2.4 percent in December last year.
Small-to-mid-sized flats no bigger than a thousand square feet saw the biggest drop of 2.78 percent, and luxury flats fell by slightly more than 1 percent.
According to the data, a 430 square-foot flat on Hong Kong Island now costs around HK$6.9 million on average.
But overall in the past year prices went up by 1.62 percent.
Rents also dropped in December, by 1.3 percent. This was the second consecutive month that saw a fall in rent levels.
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