INTERNATIONAL: Correction in Hong Kong’s property market gathers speed as prices fall 3.5 per cent in November

PHOTO: Prices of lived-in homes in Hong Kong saw the sharpest decline in a single month in November since the global financial crisis in 2008. Hong Kong Island Tour – Red Route

The monthly home price index fell 3.5 per cent to 366.3 in November, up from 2.56 per cent in October
Largest fall in a single month since November 2008

The monthly home price index, which represents movements in the secondary property market, fell 3.5 per cent to 366.3 in November, compared to the 2.56 per cent slide in October, 1.27 per cent in September and 0.05 per cent in August, according to data from the Rating and Valuation Department.

Hong Kong homebuyers beware: wait for better deals in second half of 2019

Home prices have slumped 7.2 per cent after peaking in July following a 28-month surge starting in April 2016, with analysts citing concerns over the US-China trade war, expectations of rising mortgage rates, accelerated launches of new flats and a volatile local stock market as the main reasons for the declines.

“It is the largest fall in a single month since November 2008,” said Derek Chan, head of research at Ricacrop Properties.