The April RICS Hong Kong Residential Market Survey shows more respondents reporting prices falling rather than rising. Indeed, the headline price net balance remained in deeply negative territory at -75% albeit a moderation compared to the record low achieved last month.
After a bout of financial market volatility at the start of 2016 driven largely by concerns over a China growth slowdown, the weakness in homebuyer activity has started to ease. New buyer enquiries are down 28% on a net balance compare to -70% in February. Meanwhile, the net balances on new instructions and agreed sales continue to reflect weakness at -12% and -34%, respectively, though noticeably less so than in February. Although Land Registry data show that sales completions increased by 31% in March (April data have not yet been published), it is down 63% on a quarterly comparison to a year ago. Transaction volumes on official data remain anemic as well.
Source : RICS