Hong Kong luxury property prices plunge

Country:  Hong Kong

18 February 2009

Luxury property prices in Hong Kong’s most prestigious location - Victoria Peak - plummeted by 41.4% in Q4 2008, compared to the previous quarter, CB Richard Ellis said in a report released this morning.
The collapse in high-end property prices has been blamed on the current economic turmoil plaguing the globe.

"Hong Kong's economy has decelerated markedly in the fourth quarter as investment sentiment and consumer confidence plummeted significantly due to the global credit crunch, striking a hard hit towards the property market," the report said.

Prices for all luxury properties in Hong Kong fell 35.4% in the final quarter of 2008, the report said.
The price fall was the greatest on record in Hong Kong’s property market, according to the South China Morning Post newspaper.

See Also:   Hong Kong