House prices in Hong Kong are cooling
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Following government measures to slow speculation, Hong Kong residential property prices rose only 6.7% (2.39% in real terms) during the year to May 2012, according to the Ratings and Valuation Department (RVD). In June 2012, home sales volumes were 34.9% down on the same period last year.
The Hong Kong government had increased land supply for residential developments in late-2010, after dwelling prices surged by 31.3% during the year to March 2010, fuelled by low interest rates, lack of new supply, and an influx of foreign buyers.
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