Hong Kong home prices hit record high in February
Hong Kong home prices hit a record high in February, growing 19 per cent year on year as prices rose for the eleventh straight month at a rapid pace.
Hong Kong home prices hit a record high in February, growing 19 per cent year on year as prices rose for the eleventh straight month at a rapid pace.
The Rating and Valuation Department's monthly price index for private homes climbed to a record 291.1 in February, about 2.32 per cent higher than in January, which saw month-on-month growth of 2.26 per cent. The biggest growth was seen in flats whose size is between 430 sq ft and 752 sq ft, the official data showed. Average prices rose 2.51 per cent month on month.
February's price index for flats of 1,722 sq ft or above rose 1.23 per cent month on month, the smallest growth among sectors.
Small flats of 430 sq ft or below rose 2.18 per cent month on month in February.
The data did not reflect the impact of the tightened measures announced by Hong Kong Monetary Authority at the end of February. The HKMA further tightened mortgage lending rules, including lowering the loan to value ratio for owner-occupied residential properties valued below HK$7 million from 70 per cent to 60 per cent and applying the maximum debt-servicing ratio to the total liabilities of applicants, instead of just the mortgage loans under application.
JLL said the overall market continued to maintain steady growth momentum, with average monthly home sales in January-February reaching 6,220, up from 5,682 in the fourth quarter of last year.
Meanwhile, Sun Hung Kai Properties sold two luxury houses in Stanley for a total of HK$297.89 million, according to data posted on the electronic platform for sales of first-hand residential properties.
The price for House No3 at 50 Stanley Village Road was HK$169.29 million, translating to HK$53,254 per sq ft of saleable area. House No5 sold for HK$128.59 million, translating to HK$46,591 per sq ft.
