Hong Kong’s property tycoons face a worsening outlook, with house prices forecast to drop by as much as 10% this year.
Pandemic restrictions have hit the city’s economy and driven residents out of the territory.
Colliers expects home prices to drop 5% this year, while JLL Hong Kong is predicting that they will fall by 5-10%. Goldman Sachs said this week that the territory’s home prices could decrease by up to 20% by 2025.
The softer prices come after a series of developers, including Henderson Land, which is owned by Hong Kong’s second-richest man Lee Shau-kee, recorded sharp dips in revenue in 2021.
