House prices in Hong Kong fell to the lowest point in more than seven years in January

Hong Kong property prices have fallen for nine months, and the Price Index in January has fallen to the lowest point in more than seven years.

Comprehensive Reuters and Hong Kong Radio website reported that the Hong Kong Renxim Price Price Administration announced on Tuesday (February 27) that the property price index fell to 306.4 in January, the lowest since October 2016. The monthly basis is based on the month.The decline expanded to approximately 1.6%; the decline in the year was expanded to more than 9.4%, the largest in 11 months.

Reuters reports that further decline in property prices in Hong Kong is affected by market mood, high interest rates, and buyers' watching whether this week will reduce the real estate stamp duty.The market estimates that the Hong Kong government will further relax the real estate stamp duty in the annual budget announced on Wednesday (28th) to boost market emotions.

Wang Zhaoqi, director of the Logo Fang and director of the research and consulting department of Greater China, believes that regardless of the content of the government budget, Hong Kong property prices are difficult to decline, and the interest rate will be rebounded.He predicts that the property prices in Hong Kong in the first half of this year will fall by 3%to 5%, and the second half of the year will be flat, and the annual property prices will be flat by 5%.