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apple developer:Hong Kong home prices rise 0.9% in Feb; fastest pace in 9 months

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HONG KONG, March 29 - Hong Kong private homeprices rose 0.9% in February from the previous month, theirfastest pace of growth since May, official data showed onMonday, supported by improved sentiment that new coronavirusvaccines will speed up the economic recovery.

The gain in the most unaffordable property market in theworld last month compared with a revised 0.2% increase inJanuary.

Driven by robust demand and low interest rates, transactionvolume in the secondary market in March is expected to reach anover eight-year high, estimated by realtor Centaline, whilefirst quarter volume could rise to a six-year high.

Property consultancy Cushman & Wakefield said earlier thismonth it expects home prices to rise 5% quarter-to-quarter inApril-June.

It said the market has bottomed out in the first quarter,thanks to the early arrival of new vaccines, strong pent-updemand and booming stock market.

But high unemployment would weigh on the market in the midterm, the consultancy added.

Hong Kong's seasonally adjusted unemployment rose to 7.2% inthe December-February period, the highest since 2004. REUTERS


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