Report: Hong Kong residential properties dip in November
The University of Hong Kong reported a decline in the price of Hong Kong's residential properties from October through November 2013, but overall, those prices are still above those reported in 2012.
According to a report from the University of Hong Kong, prices of residential properties have been generally on the rise since the end of 2011. But those prices did drop by about 1.43 percent from October to November.
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The latest release of the University of Hong Kong's Hong Kong Residential Real Estate Series (HKU-REIS) indicating that, in November, the price of residential properties declined 1.43% since October but still rose 3.82% above the level seen in November 2012.
The last few months of data appear to be indicating that a pullback of sorts is occurring for Hong Kong property prices. Clearly, it will take some more time and data to discern whether this pullback is just a healthy pause in an astounding run of price inflation as had occurred during 2008 and 2011 or whether some more notable trend is playing out.
The HKU-REIS is a set of property price indices constructed monthly using a “modified” repeat-sale methodology similar to that of the S&P/Case-Shiller indices yet suited to the Hong Kong property market.