Prices for homes in Hong Kong decreased in August for the first time in 29 months

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In Hong Kong in August, it was recorded a decline in house prices for the first time since March 2016. According to the Hong Kong rating and valuation department, the decrease compared to July was 0.076%. According to calculations conducted by the Swiss bank UBS, the cost of housing in Hong Kong since 2012 has grown annually by almost 10%. The price decrease in August was promoted by the increase in interest rates by the regulator of Hong Kong, which tightened monetary policy after the Federal Reserve had raised the rate, as the local currency is tied to the US dollar rate.

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