The Rating and Valuation Department reported that the price index stood at 332.5 in December 2022. The Home Price Index declined by 2.03%.
Since November, the home price index has been declining. Relatively, the drop was milder in December than the 3.25% drop in November. But, the December price index was marked as the seventh consecutive month of decline.
“In December, the market sentiment was weak due to the surge in COVID cases, bearish stock market, and HIBOR standing high at 55,” Eddie Kwok, Senior Director, Valuation & Advisory Services, CBRE Hong Kong, said.
“The news about the border reopening between China and Hong Kong SAR was only announced in late December. Speaking overall, the December market was sluggish.”
CBRE expected a turning point in 2023 in terms of the residential market. Positive market sentiment and an improvement in buyer confidence are core reasons for expectations.
“Nevertheless, a plentiful supply of close to 30,000 private housing units together with the unsold units of about 16000 will come into the market. It is thus expected that there will only be a stable market in 2023, “ Kwok said.
- Published By Team Hongkong Journalist