Hong Kong’s home prices gather speed in April, rising at the fastest pace in more than six years
- Price index of used homes jumps 3.2 per cent to 390.5 in April, according to figures from the Rating and Valuation Department
- April’s rise was higher than the 3 per cent seen in March
Hong Kong’s pre-owned home prices rose at the fastest pace in more than six years, stretching a four-month rally, but analysts expect the uptrend to taper off as buying interest has been adversely hit by the escalating US-China trade war.
The price index of used homes rose 3.2 per cent to 390.5 in April, faster than the 3 per cent growth in March, according to data released by the Rating and Valuation Department on Friday.
The growth is the fastest for 74 months since February 2013, when a 3.23 per cent rise was recorded, said Derek Chan, head of research at Ricacorp Properties.
“The figure reflects the market before trade war escalated, when market sentiment was good,” said Chan. “Buyers entered the market enthusiastically so there was a large growth.”
Chan said the government was likely to monitor the market closely because in the past it has taken action whenever prices have risen more than 3 per cent for two straight months.
