Home prices in HK record slight increase in first three weeks of August
Despite concerns chief executive may seek to cool demand, several areas see values climb moderately, including a few record busters
Hong Kong's home prices continue to rise, though sales in some districts have started to slow amid concerns further policy measures may be introduced to curb resurgent demand.
Property agents said that after several record-breaking deals in certain areas this month, early evidence emerged last week of a slowdown in sales transactions. Weekend sales at 15 selected housing estates were down 19 per cent on the previous weekend, to 48.
Deal numbers may be declining, but there is no sign yet prices will follow.
Prices in 16 out of all 18 districts in the city are up to varying degrees. Driving the positive change in sentiment in the market, agents said, was Chief Executive Leung Chun-ying's announcement last month that 5,000 eligible public housing tenants would be allowed to buy flats under the Home Ownership Scheme without having to pay a land premium.
Prices in such areas as Kwai Tsing, Tseung Kwan O, Tuen Mun, Tai Po and West Kowloon have risen 3 to 5 per cent this month, according to agents. The biggest rise was seen in Wong Tai Sin, where prices rose 10 per cent, while Aberdeen and Pok Fu Lam saw prices increase 6 per cent this month.
Record-breaking deals were reported in several areas, including Tai Po, Tseung Kwan O, Kwai Tsing, West Kowloon, and Kowloon Bay.