Hong Kong house prices see largest drop since 1998

ISTANBUL

House prices dropped by 15.6% in 2022, the sharpest decline since 1998 when prices plunged by almost a third, official data released on Friday.

According to Hong Kong's public broadcaster RTHK, the Rating and Valuation Department's data also indicated the first annual drop since the global financial crisis in 2008.

Prices of smaller houses fell by 16%, while larger homes by 6.8%.

In December, home prices decreased by 2% on a monthly basis, dropping for the seventh month in a row.

Rent prices also dropped by 3.7% over the year, while slightly increased in December on a monthly basis.