Fear of an oncoming worldwide recession dampened stock markets globally and reduced the purchasing appetite of potential homebuyers in Hong Kong. At the same time, local and Mainland banks remained cautious towards mortgage lending. A number of banks raised their mortgage rates in November and early December, further hurting sentiment in the residential market. However, developers remained active in launching new luxury flats and were rewarded by encouraging responses. In November, the number of residential sales increased 3.3% month on month, the first rebound since August 2011, mainly driven by sales of primary flats.
Source : Knight Frank