HONG KONG PROPERTY SALES PLUMMET

• 8 July 2016
• International News
• 1446 Views

A report on Hong Kong’s property market shows that home sales in the region’s powerhouse economy have plummeted 39 percent quarter-over-quarter to a record low in Q1 2016.

JLL’s Hong Kong Property Index for Q1, 2016 shows that sales have dropped to an all-time low of 6,221 units.

Joseph Tsang, Managing Director and Head of Capital Markets at JLL in Hong Kong told World Property Journal that, “The residential market has clearly softened and prices are now under downward pressure. The government should prepare to revise the cooling measures in the property market, accordingly. Any dramatic drop in residential property prices would strike a major blow to Hong Kong\’s already fragile economy.”