UBS says Hong Kong house prices fall as residents move out

UBS says Hong Kong house prices fall as residents move out

On top of the local residents that are leaving amid China’s tightening grip on the city, expatriates are also making an exit from the Asian financial hub. Hong Kong’s aggressive virus strategy including a 21-day quarantine for arrivals is increasingly prompting expatriates to consider relocating elsewhere.

Hong Kong’s home costs are set to decrease in 2022 as residents keep on leaving the city, as indicated by UBS Group AG. Residential property estimations in Hong Kong will fall by around 5% this year because of relentless populace surge and impending interest cost increases, John Lam, head of China and Hong Kong real estate research at UBS, said in a media preparation Monday. Restrictions on capital outpourings from mainland China and the nation’s slowing monetary development may likewise haul down home costs in the city, Lam said. Mainland Chinese purchasers have been a significant source of interest in Hong Kong’s residential market.

UBS’s bearish view on Hong Kong property is shared by Citigroup Inc. and Morgan Stanley, which predict home prices to drop by as much as 10% and 2% respectively. JPMorgan Chase & Co., however, expects home values to climb as much as 10%, citing strong housing demand and minimal impacts from rising interest rates.

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