{"id":8892,"date":"2020-08-03T13:37:39","date_gmt":"2020-08-03T06:37:39","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=8892"},"modified":"2021-06-04T15:06:17","modified_gmt":"2021-06-04T08:06:17","slug":"home-prices-in-hong-kong-surge-to-10-month-high-in-june","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/home-prices-in-hong-kong-surge-to-10-month-high-in-june\/","title":{"rendered":"Home prices in Hong Kong surge to 10-month high in June"},"content":{"rendered":"

Index shows that buyers are seeking safe-haven assets amid the outbreak <\/span><\/span><\/p>\n

\"\"
View of a public estate in Hong Kong. LeeYiuTung\/Shutterstock<\/figcaption><\/figure>\n

On Friday,\u00a0<\/span>South China Morning Post<\/span><\/a>\u00a0<\/span>reported<\/span>\u00a0that<\/span>\u00a0Hong Kong\u2019s\u00a0<\/span>home price index<\/span>\u00a0grew to its\u00a0<\/span>topmost\u00a0<\/span>level yet in\u00a0<\/span>10 months in\u00a0<\/span>June<\/span>\u00a0as homebuyers seek for\u00a0<\/span>safe haven<\/span>\u00a0assets despite the third wave of infections that afflicted the city and the\u00a0<\/span>dreary outlook of the global economy.<\/span>\u00a0<\/span><\/p>\n

Data released by the Rating and Valuation Department showed that the index of used homes in June increased by 0.1 percent to 386.1,\u00a0<\/span>reaching its\u00a0<\/span>peak<\/span>\u00a0since 388.2 in August of last year.\u00a0<\/span>Unfortunately<\/span>, the index d<\/span>eclined\u00a0<\/span>by 1.9 percent in comparison to June 2019.<\/span>\u00a0<\/span><\/p>\n

The COVID-19 outbreak has also halted construction activity throughout the city, slashing the amount of new private residential units by 3,000 uni<\/span>ts to 92,000 for the next three to four years, based on figures from\u00a0<\/span>the Transport and Housing Bureau. Analysts explained that the dip in supply\u00a0<\/span>will help put a floor on home prices.<\/span>\u00a0<\/span><\/p>\n

More: Hong Kong\u2019s new home sales thrive in June, reach 13th month high<\/b><\/a><\/p>\n

\u201cIt is hit by the pandemic [as] the progress of construction was delayed,\u201d said the senior associate director of research at <\/span>Centaline<\/span>\u00a0Property Agency Wong Leung-sing, adding that\u00a0new homes supply could drop below 90,000 units.\u00a0\u201cThe epidemic has dragged down the sales of new homes, and the supply of new homes in the future will begin to decrease, which is a self-correction in the market.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

As for recently launched and lived-in homes, prices\u00a0<\/span>have managed to hang on stubbornly even though its economy is about to experience the worst recession\u00a0<\/span>ever\u00a0<\/span>d<\/span>ocumented<\/span>.<\/span>\u00a0A stream of cheap liquidity released by central banks has enabled investors to look for better returns in precious metals and fixed assets<\/span>, inciting them to purchase new apartments during weekend launches.<\/span>\u00a0<\/span><\/p>\n

Executive director at Knight Frank<\/span>\u00a0Thomas Lam<\/span>\u00a0said that the latest data\u00a0<\/span>doe<\/span>s not \u201creflect the impact from the recent uptick in virus infections,\u201d which\u00a0<\/span>forecasts\u00a0<\/span>home price to\u00a0<\/span>fall\u00a0<\/span>by a<\/span>round\u00a0<\/span>5 per cent this year. \u201cCorrection in the property market is likely to continue.\u201d<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Index shows that buyers are seeking safe-haven assets amid the outbreak <\/p>\n","protected":false},"author":9,"featured_media":20672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[902,171,528],"class_list":["post-8892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-home-price-index","tag-hong-kong","tag-market-update","news_country-hongkong","news_author-property-report"],"acf":[],"yoast_head":"\nHome prices in Hong Kong surge to 10-month high in June | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/home-prices-in-hong-kong-surge-to-10-month-high-in-june\/\" \/>\n<meta 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