Real Estate

Hong Kong home prices plummet to five-year lows and could drop further

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View of the Hong Kong skyline from Hong Kong Island.

Ingo Schulz | imageBROKER | Getty Images

Prices of Hong Kong’s residential properties plunged to a near five-year low as rising interest rates and a mass exodus of expat workers drove down prices in one of the world’s most expensive cities to work in.

And industry insiders warn that the worst is yet to come.

Hong Kong’s home price index for October fell 2.4% to 352.4 compared to the previous month, marking the lowest level for the gauge since November 2017.

According to a Natixis report, the city’s property prices could plummet 25% from its previous peak in late 2021 before it starts to recover. 

The slump is expected to deepen by 12% in…



Source cnbc.com

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