Housing prices in the territory rose by 0.79 percent from the previous month.
After an eight-month rise, private home prices in Hong Kong achieved a new record in November, rising by 0.79 percent from the previous month, reported Reuters, citing government data.
Data compiled by the Rating and Valuation Department shows that the figure is 0.16 percent higher than the previous peak set in September 2015.
Dubbed as one of the world’s least affordable cities, the Asian financial hub’s housing prices stand at HK$10,700 psf (S$1,998 psf) on average, with those in more popular districts averaging more than HK$20,000 psf (S$3,734 psf).
Government data released in March revealed that the monthly median wage of Hong Kong citizens stands at HK$15,500 (S$2,894).
As such, one of the top priorities of the current administration has been to make housing more affordable.
In a bid to cool the red-hot property market, the government increased stamp duties, except for first-time buyers, to 15 percent of the transaction price in early November.
However, industry watchers noted that the higher stamp duty has failed to suppress home prices.
Knight Frank’s Senior Director Thomas Lam said demand for primary homes in Hong Kong remains high, with mainland Chinese buyers fuelling prices for high-end apartments.
With this, property consultancies such as Savills and JLL expect home prices to climb by up to five percent in 2017.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
