Hong Kong private home prices dropped 3.3% in November to the lowest since August 2017, official data showed on Wednesday, as its housing market - one of the most unaffordable in the world - is set to post the first annual drop since 2008.
Prices in the Asian financial hub were weighed down by a weak economic outlook and rising mortgage costs, following a serious COVID outbreak at the beginning of the year.
Transaction volume for the year is expected to fall to a decade low but it could have a small bounce next year after authorities lift travelling restrictions with mainland China, property agents said.
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