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- Home prices in world’s most expensive market break record
Home prices in world’s most expensive market break record
Bloomberg reports that Hong Kong’s home prices jumped to a record high, joining other global real estate markets.
Values for resale houses rose 0.65% for the week ended Aug. 8, according to Centaline Property Agency Ltd.. The last record for the firm’s price index was set in mid-2019 at the beginning of anti-government protests. Residential property values have increased 8.6% since the beginning of the year.
Outsized demand, limited supply and low borrowing costs have fueled the world’s most expensive property market.
The abundance of liquidity has also resulted in soaring prices in other major financial centers around the world. U.S. residential property prices jumped the most in 30 years in April. Home prices in New Zealand, one of the world’s hottest markets, have risen for 31 straight months.
The rising prices also signal that a potential exodus of residents to the U.K. via a new visa program hasn’t hurt the real estate market in Hong Kong. In addition to the strong demand from local buyers, mainland Chinese investors are helping boost the market.
Prices are expected to keep rising. Cushman & Wakefield expects home values to climb another 5% in the second half of the year.
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