Home prices in Hong Kong – one of the world’s most unaffordable property markets – fell in 2022 by the steepest rate in 25 years.
Private home prices in Hong Kong fell 15.6 percent in 2022, according to official government data. This marks the steepest decline since 1998 when home prices fell by nearly one-third.
In December, home prices fell for the seventh consecutive month by 2 percent, compared to November. Prices of smaller private homes and larger properties fell 16 percent and 6.8 percent, respectively.
The 2022 decline was also the first annual drop in home prices since 2008.
Hong Kong is regulatory one of the most unaffordable housing markets in the world but prices have come under pressure due to a variety of factors including Covid-related restrictions, rising interest rates and slower economic growth.
