In July, Hong Kong property prices experienced their largest monthly decline of the year, dropping by 1.1 percent. This decrease in prices comes as the number of second-hand property transactions also hit a low, with the total number of units sold reaching 2,515, the lowest since November of last year, which saw 2,512 transactions. These figures were reported by Midland Realty.
This decline in property prices and decrease in transactions could be an indication of a cooling property market in Hong Kong. It is worth noting that the Hong Kong property market has been experiencing continuous price increases for several years, making it one of the most expensive real estate markets globally. The recent drop in prices and transactions could potentially be seen as a correction in the market, offering a glimmer of hope for potential buyers who have been struggling with skyrocketing property prices. However, it remains to be seen whether this downward trend will continue in the coming months or if it is merely a temporary adjustment.
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