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Home prices in Hong Kong rose in the seventh month, close to record highs

Hong Kong house prices rose 0.46% in July. It was slightly below record highs, according to official data on Friday, bolstered by strong demand, in hopes that mainland Chinese buyers would return soon.

According to last month’s data, prices in one of the most expensive real estate markets have risen for the seventh straight month, compared to a revised 0.1% increase in June.

Brokers expect the price index, which stood at 396.3 in July, to break the May 2019 record of 396.9 in the third quarter.

Thomas Lam, executive director of Knight Frank, said: “Purchasing power could last until the end of the year.”

Prices hit record highs in early August and fell 0.5% the following week, according to an index from broker Centaline, which tracks the secondary domestic market.

Brokers said potential buyers are now more cautious about chasing record highs.

Another broker, Midland, expects overall house prices to rise slowly until the border with mainland China reopens.

In a survey released last month, Midland interviewed 1,112 people with the highest percentage of respondents willing to both buy and buy real estate for investment, with 51% of respondents saying Six Months said they hoped for a price increase.

Hong Kong’s monthly interbank rates, which are associated with many mortgage rates, have also helped to maintain low-interest rates for more than 11 years and support the market.

($ 1 = 7.7812 HK $)

(Report by Clare Jim; edited by Shri Navaratnam)

Home prices in Hong Kong rose in the seventh month, close to record highs