Home prices in Hong Kong plunge for two consecutive months in January

Private home prices in Hong Kong declined for the second consecutive month in January, with a 0.2% dip as coronavirus outbreak hounds the property and real estate sector that has not fully recuperated from the previous burden brought by the mass protest in 2019.

In December, home prices by 1.6% while 4.7% difference in sales for the month of January were posted against its highest record in May last year.

The virus outbreak fears spread in the property markets of Hong Kong which is considered to be one of the most expensive in the world. Despite the low turnout, sales agents said a slight recuperation in the sector was felt in the month of January after the Lunar New Year holiday, with buyers capitalizing on bargains and considerable price cuts during the season.

Even if the transaction figures are expected to remain at a low level in the short term, property agents remain hopeful for a market gain as low-interest rates and strong pent-up demand continue to stir the markets.