Arab Times

Hong Kong home prices reach record high

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Hong Kong home prices struck record highs in November, surpassing the previous peak set in September 2015 after climbing for eight consecutiv­e months, government data released on Friday showed.

Private home prices in November rose by 0.79 percent from a month ago, to stand just 0.16 percent above the old peak, according to provisiona­l data compiled by the Rating and Valuation Department.

The Asian financial hub is one of the least affordable cities in the world, with homes costing an average of HK $10,700 ($1,380) per square foot, according to data compiled by property agent Midland Realty. Flats in more popular districts average over HK$20,000 ($2,580) per square foot.

Making housing more affordable has been one of the top priorities of the current administra­tion under embattled leader Leung Chunying, who took the helm four years ago and is set to step down after his term completes in June.

Hong Kong citizens’ monthly median wage stands at HK$15,500 ($1,998), according to government data released in March.

The government raised stamp duties to 15 percent of the transactio­n value early November, exempting first time buyers, in an effort to cool an overheated property market. (RTRS)

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