Hong Kong Home Prices Dip 1.2% in May

28 Jun 2024 CW Team

The dip comes on the heels of Hong Kong's decision in late February to lift all purchase curbs, including additional stamp duties for foreign and second-home buyers, and penalties for quick resale of properties. These measures were implemented amidst a 20% drop from 2021 peak prices, driven by higher mortgage rates, an exodus of skilled workers, and a pessimistic economic outlook.

Initially, the market responded positively to the policy rollback, witnessing a surge in transactions. However, the momentum was short-lived as developers aggressively discounted new flats to stimulate sales, contributing to the month-on-month price decline.

Despite the recent softening, Hong Kong maintains its notorious status as the world's least affordable city for housing, according to the latest survey by Demographia, marking the fourteenth consecutive year at the top of this dubious list. Analysts predict that unless local banks reduce interest rates, which remain relatively high, the downward pressure on home prices is likely to persist.

Looking ahead, Hong Kong anticipates a record-high supply of new private homes this year, following a glut of unsold inventory in 2023. Property consultancy Knight Frank forecasts a further 5% drop in prices for 2024, noting that until the excess supply diminishes, a robust recovery in prices is unlikely.

Echoing this sentiment, S&P also projects a continued decline of 5% to 10% in home prices this year, attributing it to the oversupply situation and prevailing interest rate conditions.

In conclusion, while Hong Kong's property market adjusts to recent policy shifts and supply dynamics, the path to recovery appears contingent on addressing the surplus inventory and achieving more favorable financing conditions.

Hong Kong's private home market experienced a notable downturn in May, with prices declining by 1.2% from April as the city grapples with a surplus of unsold properties and cautious buyer sentiment. The latest official data underscored a reversal from consecutive months of modest gains earlier this year, with April's previously reported 0.5% increase now revised. The dip comes on the heels of Hong Kong's decision in late February to lift all purchase curbs, including additional stamp duties for foreign and second-home buyers, and penalties for quick resale of properties. These measures were implemented amidst a 20% drop from 2021 peak prices, driven by higher mortgage rates, an exodus of skilled workers, and a pessimistic economic outlook. Initially, the market responded positively to the policy rollback, witnessing a surge in transactions. However, the momentum was short-lived as developers aggressively discounted new flats to stimulate sales, contributing to the month-on-month price decline. Despite the recent softening, Hong Kong maintains its notorious status as the world's least affordable city for housing, according to the latest survey by Demographia, marking the fourteenth consecutive year at the top of this dubious list. Analysts predict that unless local banks reduce interest rates, which remain relatively high, the downward pressure on home prices is likely to persist. Looking ahead, Hong Kong anticipates a record-high supply of new private homes this year, following a glut of unsold inventory in 2023. Property consultancy Knight Frank forecasts a further 5% drop in prices for 2024, noting that until the excess supply diminishes, a robust recovery in prices is unlikely. Echoing this sentiment, S&P also projects a continued decline of 5% to 10% in home prices this year, attributing it to the oversupply situation and prevailing interest rate conditions. In conclusion, while Hong Kong's property market adjusts to recent policy shifts and supply dynamics, the path to recovery appears contingent on addressing the surplus inventory and achieving more favorable financing conditions.

Infrastructure Transport

17 Oct 2025

Sonowal Unveils Eight Projects at NMPA’s Golden Jubilee

Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal, inaugurated the Curtain Raiser Ceremony of the Golden Jubilee Celebrations of the New Mangalore Port Authority (NMPA) at Bharat Mandapam. To commemorate the milestone, he unveiled eight major maritime infrastructure projects designed to strengthen India’s port network, enhance logistics performance, and promote sustainability. These include a modern cruise terminal, new covered storage facilities, a 150-bed multi-speciality hospital, expanded truck terminals, and improved port access infrastructure aimed at enhancing..

Infrastructure Energy

17 Oct 2025

India To Boost US LPG Imports, Cut Middle East Reliance

India is planning to reduce imports of liquefied petroleum gas (LPG) from the Middle East as state-owned refiners prepare to ramp up purchases from the United States, according to sources familiar with the matter. The move aligns with New Delhi’s efforts to expand energy cooperation and secure a broader trade deal with Washington. State refiners have already notified their traditional LPG suppliers in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar of the potential reduction in imports. Although the exact size of the supply cut was not disclosed, earlier reports suggested that Indi..

Infrastructure Energy

17 Oct 2025

UK Sanctions Nayara Energy in Crackdown on Russian Oil

The United Kingdom has announced fresh sanctions on 90 entities, including Indian refiner Nayara Energy Limited, in its latest bid to curb Russian oil revenues and weaken President Vladimir Putin’s war funding. The sanctions, unveiled jointly by the Foreign, Commonwealth and Development Office (FCDO) and the UK Treasury, aim to disrupt networks supporting Moscow’s crude exports amid the ongoing war in Ukraine. According to the FCDO, the new restrictions are intended to “strike at the heart of Putin’s war funding” by targeting firms and assets that enable Russia’s energy trade. “..