{"id":136949,"date":"2021-08-27T04:50:44","date_gmt":"2021-08-27T04:50:44","guid":{"rendered":"https:\/\/precoinnews.com\/?p=136949"},"modified":"2021-08-27T04:50:44","modified_gmt":"2021-08-27T04:50:44","slug":"hong-kong-home-prices-rise-for-7th-month-near-record-high","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/hong-kong-home-prices-rise-for-7th-month-near-record-high\/","title":{"rendered":"Hong Kong home prices rise for 7th month, near record high"},"content":{"rendered":"
HONG KONG (Reuters) – Hong Kong private home prices rose 0.46% in July, official data showed on Friday, just short of a record high, supported by strong pent-up demand and hopes that mainland Chinese buyers will soon return.<\/p> The prices in one of the most expensive property markets gained for the seventh month in a row, according to last month\u2019s data, and compared with a revised 0.1% increase in June.<\/p>\n Realtors expect the price index, which stood at 396.3 in July, will break the 396.9 record posted in May 2019 in the third quarter.<\/p>\n \u201cA high turnover in the market is positive for buyers\u2019 sentiment,\u201d said Thomas Lam, executive director of Knight Frank. \u201cThe buying power can persist into end of year.\u201d<\/p>\n According to an index of realtor Centaline that tracks the secondary home market, prices broke a historical high in early August, before softening 0.5% in the following week.<\/p>\n The realtor said potential buyers were now turning more cautious to chase after record high prices.<\/p>\n Another real estate agent, Midland, expects overall home prices could rise at a slower pace until the border with mainland China reopens.<\/p>\n In a survey published last month, Midland, who interviewed 1,112 people, said the percentage of respondents showing their willingness to buy a property and buying for investment both reached the highest levels, and 51% of respondents said they expected prices to rise in the next six months.<\/p>\n Hong Kong\u2019s one-month interbank rate, which many mortgage rates are linked to, stayed at over 11-year lows and also helped to support the market.<\/p>\n ($1 = 7.7812 Hong Kong dollars)<\/p>\n