apartments: prices rose strongly by 9.1% y-o-y to HK 247,681 (US$ 31,952) per sq. Surprisingly, larger-sized apartments are more resilient, registering strong price increases during 2020, as compared to smaller-sized apartments which saw falling prices. During the latest quarter, prices fell by 1% (-3.05% inflation-adjusted) in Q4 2020. When adjusted for inflation, residential property prices increased by a minuscule 0.66% y-o-y in 2020. Hong Kong’s residential property price index was unchanged in 2020 from a year earlier, following a 5.5% increase in 2019, according to the Ratings and Valuation Department (RVD). However, due to the combined impact of market-cooling measures, violent protests, the US-China trade war and the ongoing COVID-19 pandemic, Hong Kong’s housing market has stabilized over the past two years. In contrast, real incomes have virtually stagnated in Hong Kong for years. Over the past twelve years, Hong Kong’s residential property prices have skyrocketed by 262% (162% inflation-adjusted), including spectacular growth of 28.5% in 2009, 21% in 2010, 25.7% in 2012, 13.6% in 2014, and 14.7% in 2017.
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