The Hong Kong housing market experiences the largest decline since 2016

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The Hong Kong housing market has seen the most significant decline since 2016, Bloomberg reports. In November, the number of new home sales is approaching the lowest since January or February of this year. The fall in housing prices has been observed for 8 weeks in a row, which is the largest period of decline since 2016. In November, this figure fell by 1.3%, which was the largest weekly decline since March 2016. At the same time, relative to August, prices in the secondary housing market fell by 5%. Experts at Goldman Sachs expect a further fall in housing prices in Hong Kong against the background of rising interest rates by the US Federal Reserve. According to their forecasts, in the next 2 years, prices in Hong Kong will decrease by 15-20%.

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