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April 2016: Hong Kong Residential Market Survey

Stabilisation of downward price pressures

A research produced by

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

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