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Hong Kong home prices hit another record high in February
March 31, 2017 / 4:07 AM / 9 months ago

Hong Kong home prices hit another record high in February

HONG KONG, March 31 (Reuters) - Hong Kong’s private home prices climbed for an 11th straight month in February, hitting another record high, a government index released on Friday showed.

In February, Hong Kong’s private home prices index rose 1.1 percent from the previous month, to 312.8 from 309.4, according to data from the Rating and Valuation Department. The February figure was 14.3 percent higher than a year earlier.

The Asian financial hub has the world’s least affordable private housing and flats cost 18.1 times the gross annual median income, according to a survey by Demographia, a private firm.

Hong Kong’s newly-selected leader Carrie Lam, who will take office in July, said on Tuesday she was “very determined” to tackle the high cost of housing, one of the top concerns of foreign business executives about the city.

The government has vowed to increase housing supply and has raised stamp duties to try to rein in prices, but to little effect.

Property developers from mainland China have been submitting record-breaking bids in Hong Kong land auctions, which is likely to keep driving housing prices up. (Reporting by Venus Wu; Editing by Richard Borsuk)

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