Hong Kong home prices are falling at a faster pace, slumping 4.05 per cent over the past five weeks, says Centaline Property Agency.
Centaline said the secondary market was hit by economic uncertainties and seasonal factors.
According to its Centa-City Leading index, a weekly index that reflects transaction prices at major housing estates in the secondary market, home prices in the week of January 8 stood at 94.16 per cent of their 1997 level.
That is 4.05 per cent below the price level achieved in the week of December 11.
During the five-week period from November 6 to December 4, home prices rose 1.26 per cent.
Home prices on Hong Kong Island fell 4.98 per cent during the five weeks to January 8, while Kowloon prices declined 4 per cent, and New Territories prices edged down 0.4 per cent.