High rise private residential buildings are seen in Hong Kong, China May 21, 2017. Picture taken May 21, 2017. REUTERS/Bobby Yip
Low interest rates and an influx of capital have buoyed sentiment for residential real estate, where prices have fallen 30% since 2021. Yet developers like New World have a record 28,000 units of unsold homes citywide. With new supply coming, the market has yet to find a bottom.
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- Hong Kong’s property market is stable, as interest rates are expected to remain low with plenty of liquidity flowing into the local system, Financial Secretary Paul Chan told reporters on June 23.
- The number of completed but unsold residential apartments has climbed to a record high of 28,000 as of the end of March, the Hong Kong government said on April 29.
- Hong Kong’s residential property prices have dropped 30% since 2021, according to government data.
Editing by Robyn Mak; Production by Ujjaini Dutta
Our Standards: The Thomson Reuters Trust Principles.
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