Hong Kong's Second-Hand Home Prices Hit Lowest Since 2017

Despite Eased Property Curbs, High Borrowing Costs Predicted to Drive Further Decreases in 2024

Hong Kong's second-hand home prices have fallen to their lowest point since March 2017, with a decrease of 2.16% in October.
Second-hand home prices have dropped about 4% this year and are expected to fall another 5% to 6% over 2023, and 3% to 5% in the first half of 2024.
Sales volume in 2023 is slightly better than 2022, with an expected 48,000 transactions this year.
Despite the relaxation of property curbs, including halving the buyers’ stamp duty for non-permanent residents and residents buying a second or additional home, the residential market has not seen a significant impact.
Analysts predict that Hong Kong's home prices could drop another 10% in 2024 due to high borrowing costs.