Residential property sales in Hong Kong have plunged by 39% in the six months ending June compared with the same period last year, according to the latest figures from Midland Realty.
Despite a recent improvement in sentiment, the agent said the dim economic outlook and increased home supply continued to cast a shadow over the market, with the average price of a home dropping by an average of 10% since late last year.
Midland said it had “the worst six-month number recorded” since it started surveying prices 25 years ago, after registering 26,571 deals in the period, down 39.1% on the 43,636 deals signed in the first half of 2015.
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