The real estate sector is losing value in Hong Kong
Hong Kong property fallen value and experts say property of price will continue their downward trend until the end of 2019.
“If you look at the basic fundamentals, unless we get a financial crisis in China or something like that, I think we’re looking at a correction — not a crisis in the Hong Kong property market,” said Peter Churchouse, founder of Hong Kong-based real estate investment firm Portwood Capital.
About 74 million people live in Hong Kong, so housing shortages are growing day by day.Home prices have doubled in the last 10 years. Due to low interest rates, scarce housing supply and large inflows of capital from mainland Chinese.
Also, Hong Kong one of the most expensive housing markets in the world.
Churchouse said “Hong Kong, in particular, is the most volatile property market in the world.”
Trade wars between China and America affected the Hong Kong real estate market badly.”Affordability’s not good and interest rates are going up, that’s for sure. But still, in nominal terms, interest rates are at the very low end of long term averages (and) unemployment is very low,” Churchouse said.
Sevdenur Demir / realestatecoulisse.com
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